Celentis Acquires 100% Ownership Of Time Capsule
Celentis Acquires 100 Percent Ownership Of Time Capsule
HortResearch today announced the sale of its 50 percent stakeholding in the Time Capsule anti-facial eczema business to commercial science company Celentis who holds the other 50 percent of the business.
Chief Executive of HortResearch, Paul McGilvary said he was pleased to have negotiated the successful sale as the business although developed by HortResearch scientists fits better with the future focus of Celentis and AgResearch.
HortResearch would use the $3.25 million to $3.5 million for its 50 percent stake to further the progress of science within the company. This price includes the sale of the business and on going research and development contracts. $157,000 of the sale price will be shared among HortResearch staff involved with the development and manufacture and the Time Capsule.
"HortResearch looks forward to continuing to be involved with Celentis and the Time Capsule business as a provider of scientific and technological expertise, " Mr McGilvary said.
This sale, the first such deal between two Crown Research Institutes, has been endorsed by the Minister for CRI's Pete Hodgson. Mr Hodgson said he was delighted with the sale, and particularly pleased that HortResearch staff would be rewarded for creating and establishing the business.
Chief Executive of Celentis, Dr Stewart Washer said the full acquisition of Time Capsule was another step by Celentis to rapidly grow and add value to its technology subsidiaries.
"The Time Capsule product is an established technology for protecting sheep and cattle against facial eczema and generally enhancing livestock health. Purchasing the business outright was a strategic commercial move for us," he said.
Since its establishment, Celentis has made its mark in commercialising research and technology by matching market needs with scientific opportunity to develop leading edge customer solutions. In addition to its main areas of focus, Celentis owns stakes in subsidiary companies that are strategically aligned to the organisation's core businesses. These include AgVax Developments, BioProducts, Sastek, ComOne, Covita and Clone International.
Time Capsule uses a unique controlled-release technology to provide animals with a consistent daily dose of zinc which protects them from liver damage caused by the Sporidesmin toxin which, in turn, is produced by the fungus Pithomyces chartarum. It grows rapidly in pastures during warm, humid periods throughout January, February, March and April.