Firmenich to acquire Senomyx; names Butstraen president of flavors
Firmenich and Senomyx Inc. have entered into a definitive merger agreement under which Firmenich will acquire all the outstanding common stock of Senomyx for $1.50 per share in cash.
Firmenich and Senomyx Inc. have entered into a definitive merger agreement under which Firmenich will acquire all the outstanding common stock of Senomyx for $1.50 per share in cash. This represents a premium of approximately 43% over Senomyx’s closing price on Sept. 14, 2018. The proposed transaction has been unanimously approved by the boards of directors of both Firmenich and Senomyx, and the companies expect to close the transaction in the fourth quarter of 2018.
“Senomyx has established itself as a leader in taste innovation and a recognized pioneer in sweet, cooling, and bitter solutions,” said Patrick Firmenich, chairman of the board of Firmenich. “Building on our long-term partnership spanning more than a decade, we look forward to welcoming Senomyx into Firmenich to lead in taste and nutrition.”
Upon closing, Senomyx will be integrated into Firmenich’s North America Research & Development (R&D) organization and its products will be commercialized through its Taste Platform. Senomyx R&D operations will remain in San Diego, with a continued focus on discovering and developing flavor and sweetener solutions leading brands.
In other news, Firmenich has appointed Emmanuel Butstraen as president of its Flavor Business Unit and member of the company’s executive committee, effective Oct. 15, 2018. Having served most recently as president of Novecare at Solvay, Butstraen joins Firmenich with significant experience in leading complex science-driven organizations and growth strategies across the United States, Europe, and Asia. Butstraen succeeds Chris Millington who chose to pursue new opportunities outside the company, after successfully leading the Flavor Business Unit for four years.