Bayer Innovation, a subsidiary of the Bayer Group engaged in developing new fields of business, has acquired Icon Genetics AG, a venture-backed biotech company headquartered in Munich, Germany. Financial details of the acquisition were not disclosed. Closing of the transaction took place on January 9, 2006.
Icon Genetics was set up in 1999 and financed by venture capital from IBG Beteiligungsgesellschaft Sachsen-Anhalt mbH, CFH GmbH, KfW-Bankengruppe and BioM AG. The company has sites in Halle and Munich and is engaged in developing processes for the biotechnological production of biopharmaceuticals and other high-value products in plants. The results of this activity are reflected in a total of more than 40 patents granted or applied for.
The company first received backing in January 2000 raising $12m through a combination of venture capital financing, long-term debt, research grants and contracts. In March 2002, the company secured €3m as part of a second financing round which was closed in April 2003 when the company received a final commitment of €3.1m from Sachsen LB Corporate Finance Holding GmbH, Sachsen LB V.C. GmbH & Co. KG, SachsenFonds International Equity I GmbH & Co, KG and IBG Beteiligungsgesellschaft Sachsen-Anhalt mbH.