BERLIN (AP) -- German drug and chemical maker Merck KGaA says it is selling its crop science unit to Novozymes A/S of Denmark for $275 million in a move to focus on its core business.
Merck board member Bernd Reckmann said Monday that the unit -- which researches and develops technology to improve plant health and crop yields -- has "very limited overlap" with the rest of the company's business.
He said that following this year's acquisition of Millipore, a U.S. biotechnology equipment supplier, the strategic focus of Merck's chemicals business "significantly changed toward the life science industries."
Merck shares were up 0.7 percent in Frankfurt at euro60.54 ($79.80).
Merck is based in Darmstadt and is unrelated to Merck & Co. Inc. of the U.S.
Merck board member Bernd Reckmann said Monday that the unit -- which researches and develops technology to improve plant health and crop yields -- has "very limited overlap" with the rest of the company's business.
He said that following this year's acquisition of Millipore, a U.S. biotechnology equipment supplier, the strategic focus of Merck's chemicals business "significantly changed toward the life science industries."
Merck shares were up 0.7 percent in Frankfurt at euro60.54 ($79.80).
Merck is based in Darmstadt and is unrelated to Merck & Co. Inc. of the U.S.
