Sartorius/Stedim set up new biotech firm

German biotechnology firm Sartorius AG says that the combination of its biotechnology division with French medical plastics manufacturer Stedim SA has been successfully concluded. The new organization, which will be known as Sartorius Stedim Biotech SA and is expected to achieve pro forma sales revenue around 420.0 million euros ($572.4 million) in the current year, will be majority-owned by Satorius as part of the German firm's acquisition of a share package from Stedim's founders.

The inaugural board meeting of the new oganization saw the election of Sartorius' chief executive, Joachim Kreuzberg, as its new chairman, while Stedim founder Bernard Lemaitre joins the new company's board in a non-executive capacity.

Sartorius added that, in its position as majority shareholder in Sartorius Stedim Biotech SA, it plans to launch a tender offer for shares owned by majority stockholders at a proposed price of 43 euros each. In addition, Satorius will offer a limited warranty, equal to the difference between the capitalized share price of 47.50 euros and the 30-day average trading price at the time, against a potential decrease in the share price to such shareholders of Sartorius Stedim Biotech that will not tender their shares to the offer.