Archer Daniels Midland Company (ADM) announced that it has reached an agreement to acquire Probiotics International Limited (PIL). The all-cash transaction will be valued at £185 million, subject to customary adjustments.
“With the addition of PIL’s extensive sales and marketing network to our existing R&D capabilities, we are building a world class, fully integrated probiotics and nutraceuticals business,” said Vikram Luthar, president, ADM Health & Wellness.
PIL, based in Somerset, U.K. — and known under its umbrella brand Protexin — is a provider of probiotic supplements for human wellness and animal markets, including aquaculture, equine, livestock and companion animals. With sales into more than 60 countries, PIL produces the Bio-Kult brand of probiotic supplements along with contract-manufactured products. The company has about 160 employees.
“PIL has created market-leading brands in the veterinary, equine and human health markets around the world, and we are delighted to join ADM’s Health and Wellness business,” said Jonathan Sowler, PIL commercial director. “There are great synergies with ADM and Biopolis, especially in the area of R&D, and we plan to add to an already very exciting development pipeline to provide innovative, evidence-based products of the highest quality for people and animals.”
The deal, which is subject to regulatory review, is expected to close in the third quarter.
