TAP approves Sartorius $45m takeover bid

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TAP approves Sartorius $45m takeover bid
TAP approves Sartorius $45m takeover bid
UK-based fermentor maker TAP Biosystems has approved the €33m ($45m) takeover bid by Sartorius.

The takeover was proposed by Sartorius last month in order to expand its small-scale cell culture offering with the addition of a range of development scale, multi-parallel fermentation systems to its portfolio.

According to Sartorius, the cash offer made through its wholly-owned subsidiary Sartorius Stedim Biotech (SSB), was approved yesterday by TAP’s shareholders, and the transaction is expected to close by the end of the year.

SSB CEO Joachim Kreuzberg said last month the deal would help SSB customers bring biologics to the market faster by “adding capabilities in the early steps of upstream bioprocessing.”

TAP generated around €26m of revenue in 2012/3 and employs 160 people worldwide.

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