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Brain AG raises €60m
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BusinessGermany

Brain AG raises €60m

28.11.2012 - German industrial biotech specialist Brain AG has attracted €60m from its existing investors to beef up for future takeovers.

The capital increase builds one of the cornerstones for the implementation of Brain’s "buy and build“ strategy of industrialisation. A smaller portion of the proceeds will be used to expand the technology platforms of Brain, which are part of projects funded by Germany's federal government.

With its buy and build strategy, Brain tries to cover all steps in the value chain, from research through to product development for market. Brain has already succeeded in building a complete value chain in the field of cosmetics, with the acquisition of Monteil Cosmetics International GmbH. The German biotech company now plans to repeat this success in other areas. It has developed a process that can convert glycerol into 1,2-propanediol. Impure Glycerol is obtained in large quantities in the production of biodiesel and enzymes may convert the alcohol into a de-icing product, which then could be used for de-icing airplane wings. “We have the technology and can organise the production. What we need is someone who has the necessary equipment and has a contract with an airport”, stated Brain’s CEO Holger Zinke.

The money in this financing round comes from existing investors in the company, the family Putsch and the Munich MIG funds. They rely on the current megatrend in the chemical industry: moving away from oil towards biological products and processes. “Recent acquisitions like the purchase of Norwegian Pronova Biopharma by BASF clearly show that the chemical companies with new products move in the direction of the consumer. We want to be part of this movement", says Zinke. On November 21, the world’s largest chemical company announced that it has reached an agreement with Pronova BioPharma ASA’s Board of Directors to make a recommended voluntary public offer, valuing the fish oil producer at NOK4.8bn (€664m).

© eurobiotechnews.eu/bk

http://www.european-biotechnology-news.com/news/news/2012-04/brain-ag-raises-eur60m.html

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