Genencor International (Nasdaq: GCOR) yesterday announced the signing of an agreement with Danisco A/S, one of the world’s leading food ingredients companies. The four-year minimum-term agreement provides up to $20 million in funding for Genencor’s R&D efforts. The agreement establishes Genencor as Danisco’s exclusive partner for the discovery, development and production of innovative bioingredients for use in the food industry. The purpose of the alliance is to become the undisputed leader in developing and supplying new bioingredients in the food ingredients area.
“This is an exciting area of research and development for Genencor,” said W. Thomas Mitchell, chairman and chief executive officer of Genencor. “The agreement demonstrates how we work with leading companies to leverage our successful technology platforms into new market areas for Genencor.”
Go deeper with GlobalData
Genencor will use its i-biotech(TM) system, which integrates its advanced genomics and other biotechnology platforms, to develop bioingredients with new functionality including proteins, enzymes, peptides and other biologically derived compounds. Danisco brings its premier application technology and global market reach to the alliance.
“This is a very exciting alliance for us,” said Tom Pekich, group vice president, Industrial Chemicals at Genencor International. “Our expertise in pathway engineering and protein and carbohydrate chemistry will enable us to address a growing market that is ripe for new product innovation.”
“This significant agreement is a natural continuation of our efforts to maintain and develop Danisco’s current position as the world’s leading supplier of functional food ingredients,” said Alf Duch-Pedersen, chief executive officer of Danisco A/S.
“We believe a collaboration with Genencor, a premier biotechnology company, will enable us both to build a larger and more profitable business than either party could do on its own,” said Dr. Robert H. Mayer, executive vice president, Danisco A/S. “Together, the two companies will be able to achieve a clear global leadership status in this exciting area — active bioingredients.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataDanisco A/S is a leading global supplier of food ingredients with sales approaching $1 billion. Danisco has very strong development and sales activities in bioingredients including enzymes, cultures, and food safety products. Bioingredients is one of the fastest growing business segments within Danisco A/S.
About Genencor
Genencor International is a diversified biotechnology company that develops and delivers innovative products into the health care, agriculture and industrial chemicals markets. Using an integrated set of technology platforms, Genencor’s products deliver innovative and sustainable solutions to many of the problems of everyday life.
Genencor was established in 1982 as a joint venture between Genentech Inc. and Corning Incorporated. Since its founding, Genencor has grown to become a leading biotechnology company, with over $300 million in 1999 revenue, more than 250 biotechnology products in commerce, and over 3,000 owned and licensed patents and applications. Genencor, with more than 1,500 employees worldwide, has principal offices in Palo Alto, California; Rochester, New York; and Leiden, the Netherlands.
Except for the historical information contained herein, the matters discussed in this press release may contain forward-looking statements which involve risks and uncertainties, including significant fluctuations in product performance depending on factors such as a dependence on the efforts of third parties, a new and uncertain technology employed by Genencor and its uncertain application to new business ventures, dependence on intellectual property rights, the competitive nature of Genencor’s industry and risks of obsolescence of certain technology. Actual results may differ materially from those projected. Forward-looking statements represent the judgment of Genencor as of the date of this release. Genencor disclaims, however, any intent or obligation to update any forward-looking statements.
Contact: Angie Blackwell, 716-256-5200, or Amy Giller, 650-846-7500, both for Genencor International.
