The world’s first toxicology testing strategy without animal testing has been approved by the OECD (Organisation for Economic Co-operation and Development). The testing strategy consists of three so-called alternative methods. They can be used to predict whether a substance causes allergic ... more
Cash offer to acquire Verenium
Proposed transaction strengthens position in strategic growth market for enzymes
BASF announced that its U.S. affiliate, BASF Corporation, has entered into an agreement to commence a cash tender offer for all of the outstanding shares of common stock of the biotechnology company Verenium Corporation (VRNM) for US$4.00 per share. Based on all outstanding shares and including all net financial liabilities, the enterprise value would be approximately US$62 million (approximately €48 million). Verenium is based in San Diego, California, and generated sales of US$57 million in 2012.
The offer corresponds to a premium of 56 percent above the volume-weighted average share price for Verenium’s shares in the six months prior to announcement of the transaction. The tender offer is subject to customary closing conditions, including the acquisition of a majority of Verenium’s shares outstanding as of the closing of the tender offer. The acquisition is expected to close in the fourth quarter of 2013. BASF will finance the transaction out of operating cash.
The Institute for In Vitro Sciences (IIVS), with an established track record in the validation of alternatives to animal testing, is teaming up with BASF and Givaudan to validate an improved skin sensitization reactivity method to address the needs of toxicologists and regulators. Scientist ... more
Promega and BASF have jointly developed an alternative method to animal studies that can reliably detect the allergenic potential of substances. Using a newly developed cell line, the reaction of skin cells to allergenic substances can now be demonstrated in the test tube. Allergic skin rea ... more
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