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DSM to buy US biotech company Martek for $1.09B

Mon, 12/20/2010 - 9:45pm
The Associated Press

Royal DSM NV, the Dutch chemicals company, says it plans to buy US biotech firm Martek Biosciences Corp for $1.09 billion (€83 million) in cash, in a management supported deal.

The Dutch company says its $31.50 per share offer for Martek represents a 35 percent premium to Martek's closing price on Dec. 20.

DSM, the largest maker of nutritional supplements, said Tuesday Martek will boost its presence in the United States, and improve its infant formula products.

The company said the deal, which must be approved by shareholders and regulators, is expected to close in the second quarter of 2011 and will add to earnings in the first year.

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