Syngenta snaps up U.S. biotech company Pasteuria

ZURICH, Sept 19 Wed Sep 19, 2012 10:46am IST

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ZURICH, Sept 19 (Reuters) - The world's largest agribusiness company Syngenta said on Wednesday it will acquire U.S. biotech company Pasteuria Bioscience Inc in a deal worth $86 million, with additional deferred payments of up to $27 million.

The two companies already collaborate in the development and commercialization of biological products to control plant-parasitic nematodes.

Nematodes are a major pest across all crops and the withdrawal of older solutions leaves growers with limited options.

A first seed treatment for soybean cyst nematode stemming from the collaboration will be available in the U.S. in 2014, Syngenta said.

(by Andrew Thompson)