A U.S.-based biological products company has completed its acquisition of Philom Bios, an inoculant manufacturing firm located in Saskatoon.
Novozymes Biologicals formally acquired 98 percent of Philom Bios’ common shares Dec. 10.
The small number of shares not tendered to Novozymes’ offer will be transferred under terms of Saskatchewan’s Business Corporations Act.
Novozymes Biologicals, located in Salem, Virginia, is a wholly owned subsidiary of the Danish company Novozymes A/S.
The company announced its intention to make a bid for Philom Bios Oct. 31 and mailed its offer to shareholders Nov. 2.
Novozymes president Ted Melnik said Philom Bios will continue to operate out of its Saskatoon plant.
Philom Bios president Calvin Sonntag said the sale is a positive development for the company’s growth and for its 70 employees in Canada, the United States and Australia.