Basel, Switzerland — Syngenta has announced that it has agreed to acquire Pasteuria Bioscience Inc., a Florida-based biotechnology company. Syngenta and Pasteuria have had an exclusive global technology partnership since 2011 to develop and commercialize biological products to control plant-parasitic nematodes using the naturally occurring soil bacteria Pasteuria spp. The first product will be a seed treatment for soybean cyst nematode that will be launched in the U.S. in 2014, but the companies say the acquisition will facilitate the introduction of key products across a broad variety of crops, including corn, cereals, sugar beets, and vegetables. Under the terms of the agreement, Syngenta will acquire Pasteuria for aggregate payments of $86 million, with additional deferred payments of up to $27 million. The transaction is expected to close in the fourth quarter of 2012.
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