BASF and Diversa Form Broad Alliance to Develop Innovative New Products
February 16 2006 - 9:30AM
PR Newswire (US)
SAN DIEGO and LUDWIGSHAFEN, Germany, Feb. 16 /PRNewswire-FirstCall/
-- Diversa Corporation (NASDAQ:DVSA) and BASF (NYSE:BF) announced
today that they have entered into a broad alliance that will
leverage Diversa's leadership position in novel enzyme development
and BASF's expertise in biotechnology, process development, product
applications, and global marketing and distribution. Under the
agreement, Diversa will be responsible for discovery and
optimization of new enzymes, and BASF will be responsible for
product and process development and all commercialization matters.
The new agreement is a significant expansion of the relationship
between Diversa and BASF that began in 2001 with a collaborative
agreement to develop biocatalysts. In 2003, under the original
agreement, BASF licensed a proprietary enzyme from Diversa for the
biocatalytic synthesis of a chiral pharmaceutical intermediate. The
two companies will be focusing on improving industrial processes
and product performance by combining BASF's application know how,
chemical and biotechnology expertise and market knowledge with
Diversa's enzyme discovery and optimization technologies. "Diversa
and BASF intend to leverage our combined expertise in biotechnology
and chemistry aiming at system innovations for diverse industrial
applications," said Dr. Alfred Hackenberger, BASF's President of
Specialty Chemicals Research. "We look forward to addressing
several exciting opportunities by developing better products to
help our customers in several key markets like pulp and paper or
fine chemicals to be more successful." "Diversa has a
well-established track record of applying powerful and patented
enzyme discovery and optimization technologies to develop
differentiated enzyme products. With this broad new agreement,
Diversa will become a strategic partner in BASF's biotechnology
activities and will apply these technologies to assist BASF in
extending its well-deserved reputation as one of the industry
leaders in the development of innovative bio-based products,"
stated Edward T. Shonsey, Diversa's Chief Executive Officer. BASF
has more than two decades of experience in the area of
biotechnology. The company uses biocatalytic processes to produce a
variety of products like vitamin B2, the amino acid lysine, and
chiral intermediates (ChiPros(TM)) by means of living cell
fermentation or enzyme catalysis. In 2005, BASF posted sales of
around ?400 million with products generated completely or partially
using biotechnological processes. Expanding research activities
within BASF's "Growth Cluster White Biotechnology" will be
supported by investments of 150 million euros over the period 2006
to 2008. About BASF BASF is the world's leading chemical company:
The Chemical Company. Its portfolio ranges from chemicals,
plastics, performance products, agricultural products and fine
chemicals to crude oil and natural gas. As a reliable partner to
virtually all industries, BASF's intelligent solutions and
high-value products help its customers to be more successful. BASF
develops new technologies and uses them to open up additional
market opportunities. It combines economic success with
environmental protection and social responsibility, thus
contributing to a better future. In 2004, BASF had approximately
82,000 employees and posted sales of more than 37 billion euros.
BASF shares are traded on the stock exchanges in Frankfurt (BAS),
London (BFA), New York (BF) and Zurich (AN). Further information on
BASF is available on the Internet at http://www.basf.com/. About
Diversa Diversa Corporation is a leader in applying proprietary
genomic technologies for the rapid discovery and optimization of
novel protein-based products. Diversa is directing its integrated
portfolio of technologies to the discovery, evolution, and
production of commercially valuable molecules with agricultural,
chemical, industrial, and pharmaceutical applications. Diversa has
established alliances and joint ventures with market leaders, such
as BASF, Cargill Health and Food Technologies, DuPont Bio-Based
Materials, Medarex, Merck, and Xoma. In addition, Diversa has
formed a broad strategic relationship with Syngenta AG, a
world-leading agribusiness company. Diversa has commercialized
products both independently and in collaboration with strategic
partners and licensees. Additional information is available at
Diversa's website: http://www.diversa.com/. Forward-Looking
Statements Statements in this press release that are not strictly
historical are "forward-looking" and involve a high degree of risk
and uncertainty. These include statements related to the ability of
the alliance between BASF and Diversa to produce system innovations
or new products, all of which are prospective. Such statements are
only predictions, and the actual events or results may differ
materially from those projected in such forward-looking statements.
Factors that could cause or contribute to differences include, but
are not limited to, risks involved in general with the enzyme
development process, risks involved with Diversa's new and
uncertain technologies, Diversa's dependence on patents and
proprietary rights, Diversa's protection and enforcement of its
patents and proprietary rights, the timing and composition of
funding under existing and future collaboration agreements,
Diversa's dependence on BASF in connection with this agreement,
BASF's ability to further develop any enzymes developed under this
agreement (if BASF exercises its option to do so), Diversa's and
BASF's ability to commercialize products, the time and resources
needed to develop new products and obtain any necessary regulatory
approvals, customer adoption of new products, and the development
or availability of competitive products or technologies. Certain of
these factors and others are more fully described in Diversa's
filings with the Securities and Exchange Commission, including, but
not limited to, Diversa's Quarterly Report on Form 10-Q for the
quarter ended September 30, 2005. These forward-looking statements
speak only as of the date hereof. Diversa expressly disclaims any
intent or obligation to update these forward-looking statements.
Note: ChiPros(TM) is a trademark of BASF. Contact at BASF: Contact
at Diversa: Christian Boehme Martin Sabarsky Corporate
Communications Corporate Development BASF AG Diversa Corporation
Tel. +49-621-60-20130 Tel. +1-858-526-5166 Fax. +49-621-60-20548
Fax. +1-858-526-5666 e-mail: e-mail: DATASOURCE: Diversa
Corporation; BASF CONTACT: Christian Boehme, Corporate
Communications of BASF AG, +49-621-60-20130, or fax,
+49-621-60-20548, ; or Martin Sabarsky, Corporate Development of
Diversa Corporation, +1-858-526-5166, or fax, +1-858-526-5666, Web
site: http://www.basf.com/ http://www.diversa.com/
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