BASF bids €664m for omega-3 company

BASF is to spend €664 million (£530 million) to buy Norwegian firm Pronova BioPharma, which specialises in omega-3 fatty acids. It has the backing of the Pronova board and shareholders representing 60% of the company, including private equity fund Herkules, which owns a 50% stake.

Pronova makes active pharmaceutical ingredients based on omega-3 fatty acids that are used to treat cardiovascular conditions. It also makes dietary supplements.

BASF says that omega-3 fatty acids represent a growing market. The company gained a significant stake in the market through its €3.1 billion purchase of german speciality chemical company Cognis in 2010. It strengthened its position in May this year when it bought UK firm Equateq.

Pronova employs 300 people and makes annual sales of about NOK1.7 billion (£180 million).

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