German chemical company BASF is currently going after Norway’s Pronova BioPharma, a company that manufactures the active ingredient for GlaxoSmithKline's popular omega-3 fish oil drug, Lovaza. This week, BASF extended its EUR 664 million-offer to buy the shares of Pronova to 18 January 2013.
"The intended acquisition will significantly strengthen our position in the fast-growing and highly profitable market for omega-3 fatty acids. We want to combine the global market reach and experience of BASF with the know-how of Pronova in omega-3 fatty acids," said Michael Heinz, a BASF board member.
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(GERMANY, 12/22/2012)
