One of the biggest mergers in recent Danish history is underway following revelations that biotech giants Novozymes and Chr Hansen are looking to combine forces.
Expected to be completed by the end of 2023, the move will see Novozymes continue on as a company and the dissolution of Chr Hansen.
“The combination of two strategically complementary companies with a shared purpose and advanced capabilities will show the world the true power of biosolutions,” said Novozymes CEO Ester Baiget, who will lead the merged company going forward.
“Novozymes and Chr Hansen share the strong conviction that our combined scale, know-how, commercial strengths and innovation excellence will drive value for our customers, employees and society at large by providing the sustainable solutions the world so urgently needs.”
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A “perfect match”
The merger, which will require approval of the authorities, would see the leading enzyme producers link up with a combined revenues of over 26 billion kroner.
The merger is expected to save the two companies 1.5 billion kroner over four years through so-called synergy gains.
Novo Holdings, the leading shareholder in both companies, described the merger as a “perfect match”. Chr Hansen was equally enthusiastic.
“I’m proud to share that Novozymes and Chr Hansen are proposing to join forces to create a Danish-based global biosolutions partner based on our strong complementary technology platforms, highly dedicated employees and customer-centric approaches,” said Chr Hansen CEO Mauricio Graber.
“Building on shared purpose-driven values and cultures, as well as an unquestionable business rationale, the proposed combination of these two iconic Danish companies represents a natural next step towards addressing the needs of tomorrow.”
