Bayer makes acquisition

Bayer has bought the Munich-based biotech firm Icon Genetics.

The acquisition, for an undisclosed sum, was made by the Bayer subsidiary Bayer Innovation GmbH (BIG).

The company said in a statement: “The acquisition will strengthen Bayer’s activities aimed at producing specific pharmaceutical substances in plants (plant-made pharmaceuticals, or PMPs).”

Icon Genetics was established in 1999 with the aim to discover new methods for the development and use of engineered plants.

Icon’s technologies utilise the natural protein production processes in plants as a way of producing therapeutically active substances.

BIG exists to evaluate and develop new fields of business for the Bayer Group that are in line with the core aspects of health care, nutrition and high-tech materials.

Previously Icon had raised more than $14 million in investment rounds and over the last four years has raised in excess of $12 million in contracts, license fees and grants.

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