Synergia's 2021 pro forma sales are expected at around DKK 150 million (adjusted for Novozymes related sales) with solid positive cash flows and strong earnings, including EBITDA and EBIT margins well above Novozymes. The transaction is expected to close before the end of 2021 and is not subject to any antitrust filings. The transaction is financed by existing cash and bank facilities and does not change the capital structure policy of Novozymes.
The remaining 40% will be acquired no later than in 2025 at a similar pre-defined relative valuation level, including a maximum payout cap. The acquisition is made on a cash and debt-free basis at a price of DKK ~1 billion (USD ~150 million). Ltd., subject to the fulfilment of certain closing conditions. Today, Novozymes is acquiring 60% of all outstanding shares in Synergia Life Sciences Pte. We are very excited to be part of the Novozymes family," says Dilip Mehta, CEO of Synergia Life Sciences Pvt. "Novozymes' strong presence in the functional foods and dietary supplement space makes this a strategic fit for Synergia's innovative product portfolio.The founders of Synergia will continue to be actively involved in the business. Synergia Life Scienes is already a key supplier to Microbiome Labs, which was acquired by Novozymes in early 2021. Novozymes gains direct access to a complementary and strategic product portfolio and a spore probiotics manufacturing footprint. Synergia Life Sciences complements Novozymes' existing BioHealth platform and supports Novozymes' overall ambition to deliver annual double-digit organic sales growth in its Human Health business towards 2025. The ambition for BioHealth is to leverage Novozymes' strong scientific capabilities and ability to combine microbes – pre- and probiotics – with enzymes and other biological solutions to develop innovative, effective, and clinically proven solutions that improve human health and create better lives in a growing world." "This is our third human health-related acquisition since mid-2020 and another key component in increasing synergies and creating complementary levers across the BioHealth platform.In short – we are executing on our strategy," says Ester Baiget, President and CEO of Novozymes and continues: The complementary strategic fit between Synergia Life Sciences and our existing activities in BioHealth and Novozymes in general ensures a strong foundation for future growth in attractive high-growth markets. Synergia Life Sciences is highly synergistic to our BioHealth-business and the previous acquisitions of PrecisionBiotics Group and Microbiome Labs. The company's proven portfolio and strong production capacity for spore probiotics and vitamin K2-7 strengthens our human health business and accelerates our functional food offerings. "I am very pleased to announce Novozymes' acquisition of Synergia Life Sciences.
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