Kerry has announced the completion of the acquisition of Biosearch Life, a biotechnology company focused on providing solutions for the pharmaceutical, nutraceutical and functional food sectors.
The original announcement of the deal was made in February.
Based in Grenada, Spain, Biosearch Life manufactures and distributes functional ingredients including probiotics, such as probiotics obtained from human breast milk, along with a portfolio of botanical extracts and ultra-purified omega-3 oils. Kerry said the acquisition expands its portfolio of science-backed branded ingredients.
Neil Cracknell, president Kerry applied health & nutrition, said, “Our acquisition of Biosearch Life is aligned with our strategic priorities to expand our branded, science backed ingredient portfolio, as well as developing our dietary supplement capabilities and market offering. Biosearch Life extends our probiotics offering with the addition of the science-backed Hereditum strains and further broadens our portfolio with the Exxentia range of functional botanical extracts and Eupoly-3 natural Omega-3 oils. These market-leading technologies allow us to address new health need states, enhance our credibility and leadership in science-backed branded actives and supports our ambition to be a leader in sustainable nutrition solutions.”
The Biosearch Life acquisition will be integrated into Kerry’s global ProActive Health platform of science-backed branded ingredients. The growth of this portfolio allows the company to address a wider range of health need states, including healthy aging, joint health and digestive health and reflects the growing number of consumers becoming more proactive in their approach to managing their health.
Recent proprietary research completed by Kerry revealed digestive health support was the third most important health benefit consumers globally desired from heathy lifestyle products, an advancement in consumer priority from fourth in 2019 and demonstrates the growing importance of digestive health among consumers – one probiotics are well suited to deliver on.
Biosearch Life is a biotechnology company providing solutions worldwide in the pharmaceutical, nutraceutical and functional food sectors with a workforce of nearly 150 employees. Biosearch distributes its products across Europe, Asia and the US and had revenue of €25.3m ($30m) in 2020.
The result of the offer was approved by the Spanish National Securities Markets Commission on July 5, 2021 and the acquisition of the shares tendered settled July 8, 2021. The compensation paid is equal to the price of the tender offer, i.e. €2.20 per share. The total consideration for the transaction is €126.9m ($150.3m).