Bayer acquires Icon Genetics AG

13-Jan-2006

Bayer Innovation GmbH (BIG), a subsidiary of the Bayer Group engaged in developing new fields of business, has acquired Icon Genetics AG, a biotech company headquartered in Munich, Germany. Icon Genetics discovers innovative methods for the development and use of engineered plants. Bayer and Icon Genetics are already cooperating on research.

The acquisition will strengthen Bayer's activities aimed at producing specific pharmaceutical substances in plants (plant-made pharmaceuticals, or PMPs). This technology utilizes the natural protein production processes in plants as a way of producing therapeutically active substances. The parties have agreed not to disclose any details of the acquisition. Closing of the transaction took place on January 9, 2006.

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