Zeneca buys pounds 300m fungicide business from Japanese rival
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Zeneca took a big step towards achieving its ambition to become a leading player in global crop protection yesterday with a $500m (pounds 300m) acquisition from a Japanese rival.
The drugs and speciality chemicals company bought a US-based fungicide business from Japan's Ishihara Sangyo Kaisha (ISK), which it said would help lift it to number two position from eighth in the global $5bn fungal control business.
It also acquired international distribution rights to four fungicides, herbicides and pest control products newly introduced by ISK which will provide a further lift to sales from the turn of the century.
The ISK acquisition follows Zeneca's purchase of Dutch biotechnology company Mogen earlier this year, which strengthened its research into genetic modification of plants to overcome fungal resistance.
News of the latest move pushed Zeneca shares up 4p to pounds 20.77.
Zeneca Agrochemicals chief executive Michael Pragnell said that ISK's well-established fungicide Chorothanolil together with Zeneca's newly- launched fungicide Amistar would allow it to offer a disease-beating package to farmers.
"It is part of a whole disease management programme. Disease control is fundamental and this is all about disease control in agriculture," he said.
He said Chorothanolil would be an important complement to Amistar, which has been launched in 19 countries and approved in a further three.
Zeneca Agrochemicals is eighth in the world in the sale of fungal control products, which account for 20 per cent of the agrochemical market. This compares to its number three position in agrochemicals as a whole.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments