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.