Novozymes acquires PrecisionBiotics Group2 Jul 2020
Danish biotech company Novozymes announced its acquisition of Irish probiotics firm PrecisionBiotics Group for €80 million.
PrecisionBiotics is a Cork-based firm that has developed a portfolio of probiotics aimed at improving human gut health. The company holds a leading position in the probiotics market with a revenue of €13.4 million in 2019. Through this partnership, Novozymes expects to gain access to the €5 billion human probiotic supplements market.
Novozymes focuses on biological solutions for industrial applications but has also established its OneHealth division where it markets human health solutions. The company identified this sector as a key growth opportunity and plans to combine its expertise in enzymes with PrecisionBiotics’ knowledge in probiotics to produce innovative health benefits for consumers.
Having a partnership with Novozymes, a company with a global presence and deep pockets, PrecisionBiotics CEO Barry Kiely noted in a statement that the company will be able to leverage the partnership to speed up its development of new probiotic solutions and accelerate growth.
Probiotics continue to grow in popularity with consumers who are looking for their food choices to serve as a vehicle that allows them to take a more active approach to personal health. Probiotics are linked to a long list of health benefits, including improving skin health, weight loss and boosting immune systems. These live microorganisms first came into vogue with their introduction into the yogurt space in the early 2000s, and, since then, their popularity has prompted manufacturers to introduce them into a wide range of products, such as cereals, milks and even hot teas.
According to Mordor Intelligence, the market for probiotics is estimated to grow at an 8% CAGR between 2020 and 2025 with the Asia-Pacific region leading the demand. Europe and North America follow closely behind with the market analytics firm saying these regions exhibit a “medium” market demand for probiotics.
This acquisition agreement will benefit both Novozymes and PrecisionBiotics as it will enable Novozymes to orchestrate a globalized release of probiotics solutions that target the appropriate markets. Depending on future market trends, the deal may prove to provide an advantageous, long term bolt-on solution to its biotech portfolio.
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