February 24, 2010

FuturaGene in takeover talks

London-listed biotech group FuturaGene has confirmed an approach from an unnamed "third party", but said it was in early stages of discussions over an acquisition.

FuturaGene said the acquisition was pitched at a level approximately equivalent to the current market price. The company added there is no certainty that the talks could lead to an offer.

Since November 2009, FuturaGene has announced a string of licensing deals for its technology, most recently with Chinese seed producer BioCentury Transgene. In December, its drought tolerance genetic technology won a Chinese patent and a deal with German giant Bayer CropScience.

FuturaGene specialises in plant genetic research and development for global biofuel, forestry and agricultural markets.