BASF Buying Verenium For About $51.2M

Verenium focuses on developing and selling high-performance enzymes used in food and fuel markets. BASF is a diversified company whose products range from chemicals, plastics and performance and crop protection products to oil and gas.

SAN DIEGO (AP) -- Chemicals company BASF Corp. is buying biotechnology company Verenium for approximately $51.2 million.

Verenium focuses on developing and selling high-performance enzymes used in food and fuel markets. BASF is a diversified company whose products range from chemicals, plastics and performance and crop protection products to oil and gas.

BASF will pay $4 per share for Verenium, which is a 59 percent premium to its Thursday closing price of $2.51.

Verenium Corp., based in San Diego, currently has about 12.8 million outstanding shares, according to FactSet.

A tender offer related to the transaction is expected to close in the fourth quarter.

Both companies' boards approved the deal.

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