Bayer completes acquisition of FLINT® fungicide from Syngenta
Leverkusen – Bayer AG has completed the acquisition of the FLINT® line of crop fungicides from Syngenta. Following approval by the antitrust authorities in the United States, Germany and the United Kingdom, Bayer will market the FLINT® product line effective immediately, giving a significant long-term boost to its crop protection business. The acquisition should already add between EUR 130 million and 150 million to Bayer's sales next year, with the achievement of the maximum EUR 300 million sales potential projected for 2004. The principal markets are Germany, the United Kingdom, France and the United States. With this deal Bayer regains a leadership position in the fungicide market, enabling it to offer customers complete and highly efficient solutions.
The acquisition of FLINT® for CHF 1,333 million (approximately EUR 880 million) includes global ownership of all associated intellectual property rights, registrations and trademarks, production and formulation know-how and the production facilities in Muttenz, Switzerland, with its 90 employees. As part of the deal, Bayer is also acquiring the exclusive right to market certain products based on the active ingredient cyproconazole in the European Union. Currently sold as ALTO®, this azole fungicide has been launched in all major E.U. markets.
As already announced, Novartis had been required by the antitrust authorities to divest the FLINT® line, as well as the marketing rights for straight cyproconazole, as a condition for the merger of its agribusiness with that of AstraZeneca to form Syngenta.
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