BASF Corp. is buying Verenium Corp. (Nasdaq: VRNM) for $62 million.
Verenium, headquartered in San Diego, Calif., extracts microbial DNA from samples to identify enzymes used in the company’s animal health, nutrition, grain processing and oilfield services products.
The purchase price works out to $4 per share. The company’s shares closed at $2.51 on Sept. 19, before the deal was announced, and were trading at $3.98 the morning of the announcement.
BASF expects the deal to strengthen its place in the strategic enzyme growth market. The company is the U.S. subsidiary of Ludwigshafen, Germany-based BASF, which develops chemicals, plastics, performance products and crop protection products. The company sold the global food and fermentation defoamer business to PMC Ouvrie SAS, and picked up Becker Underwood Inc. in November 2012.
Lowenstein Sandler provided legal advice to BASF on the deal.