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FMC TO ACQUIRE FUNGICIDE ACTIVE INGREDIENT FLUINDAPYR FROM ISAGRO S.P.A.
May 7, 2020
Source: FMC news release
Philadelphia - FMC Corporation (NYSE: FMC) and Isagro S.p.A. have agreed to a binding offer whereby FMC will acquire Isagro's Fluindapyr active ingredient assets for €55 million (approximately $60 million). The cash transaction, expected to close by the end of third quarter 2020, will transfer to FMC all intellectual property, know-how, registrations, product formulations and other global assets of the proprietary broad-spectrum fungicide molecule.
Fluindapyr, originally discovered by Isagro, has been jointly developed by FMC and Isagro under a 2012 research and development collaboration agreement. Each company has been investing in its own fungicide formulations based on Fluindapyr active ingredient, and each is pursuing registrations in select regions and countries. The transaction will provide FMC with full global rights to Fluindapyr active ingredient, including key U.S., European, Asian and Latin American fungicide markets.
"Fluindapyr is an important SDHi molecule in the FMC portfolio that combats a variety of diseases in row crops, specialty crops and turf," said Mark Douglas, president and CEO-elect of FMC. "This acquisition strengthens our fungicide product line. We expect a pre-launch in Paraguay this year, an initial launch in the U.S. in 2021, followed by launches in China, Europe, Argentina, Brazil and other countries."
The transaction, subject to customary regulatory approvals from relevant antitrust authorities and the finalization and transfer of commercial agreements, excludes liabilities, Isagro sites and workforce. Additional financial details have not been disclosed.
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