Saskatoon-Denmark-based Novozymes Biologicals Holding A/S said Dec. 10 that it has acquired 98 percent of the common shares of Saskatoon-based inoculant company Philom Bios Inc. Novozymes first announced its friendly takeover, valued at $25.6 million, on Oct. 31, 2007. Philom has over 70 employees across North America in research, manufacturing, marketing, and management, and in its joint-venture operations in Australia. Philom’s activities will be integrated into Novozymes’ existing North American and global activities and included in Novozymes’ consolidated financial statements, with effect from Dec. 11, 2007. In other news, Philom reported in November that it would have an extraordinary gain of C$705,000 in 2007 due to a final appellate court decision reducing a 2005 judgment against it by DowAgroSciences Canada. The initial 2005 decision, stemming from a 1997 legal claim in which certain Philom products were alleged to have passed their expiration date, initially garnered Dow C$944,319 plus interest and costs.
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