Danish food ingredients firm Danisco has announced that it has agreed to buy all the outstanding shares it does not already own in US-based biotechnology company Genencor.

Danisco said the total acquisition price is DKK2.4bn (US$419m) and completion of the deal is expected no later than 31 May 2005. Following completion, Genencor will be a wholly owned subsidiary of Danisco.

Danisco CEO Alf Duch-Pedersen said the acquisition of Genencor will enhance Danisco’s capabilities in enzymes for food and feed.

“Being an advanced and recognised biotech business, Genencor will expand our knowledge base significantly and broaden our access to a new important business area, industrial enzymes,” he added.