Bayer CropScience acquires AgraQuest, US-based biological company

Bayer CropScience acquires AgraQuest, US-based biological company

9:17 AM, 4th July 2012
Bayer CropScience acquires AgraQuest, US-based biological company
Integrated crop solutions can increase the yield and the quality of greenhouse tomatoes. (C) Bayer

MONHEIM, GERMANY: Bayer CropScience will purchase AgraQuest Inc for a purchase price of $425 million (approximately €340 million) plus milestone payments. AgraQuest, headquartered in Davis, California, USA, is a global supplier of innovative biological pest management solutions based on natural microorganisms.

This acquisition will enable Bayer CropScience to build a leading technology platform for green products and to strengthen its strategically important fruits and vegetables business, while also opening new opportunities in other crops and markets. Green products control a broad spectrum of pests and diseases and offer farmers integrated pest management programs to minimize development of resistance and maximize crop yields.

“The growing fruits and vegetables market, which today accounts for more than 25 per cent of our sales, is of strategic importance for us. We plan to achieve €3 billion sales in this segment by 2020 and with the acquisition of AgraQuest we are underlining our growth ambitions,” said Sandra Peterson, CEO of Bayer CropScience.

“AgraQuest is ideally positioned as a technology leader in the global biological market and by joining forces with Bayer CropScience we will be able to develop revolutionary, tailor-made biological solutions,” said Marcus Meadows-Smith, CEO, AgraQuest.

Bayer CropScience will also leverage AgraQuest's technology platform and its pipeline of new biological control agents. Several new pipeline products, which include acaracides, fungicides and nematicides, are under development and have undergone successful early field evaluations. Bayer will integrate AgraQuest’s biopesticides production facility in Tlaxcala, Mexico, as well as the company’s R&D site in Davis. AgraQuest employs a total staff of approximately 250 full-time employees.

© WOC News

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