Biotech pioneer Evolva selling operations to Danstar Ferment
21 Nov 2023 --- Swiss-based Resveratrol maker Evolva finds a buyer in a family-owned business headquartered in Canada. Pending shareholder approval. Lallemand’s Swiss affiliate Danstar will acquire all of Evolva’s operations for CHF 20 million (US$22 million.)
Earlier this year, Evolva pulled its 2023 guidance forecasts and stated it would consider “strategic transactions” amid negotiations with its financing partner Nice & Green. The company also acknowledged a potential sale could be on the horizon.
Recent growth unable to boost balance sheet
The biotech pioneer focuses on flagship ingredients such as resveratrol, stevia and nootkatone. The company experienced solid growth after bringing on board a new CEO in 2022.
Under Christian Wichert’s management, the company saw margins jump 16% that year — a sharp rebound from the negative 59% posted in 2021. Still, calls remained for Evolva to shore up its balance sheet.
Resveratrol smooths wrinkles and promotes skin elasticity.
To that end, Wichert believes family-owned Lallemand is the best place for his employees and Evolva’s vision, adding that Lallemand is a “family-owned strongly financed global company [offering] growth ambitions along our strategy, products, and capabilities.”
Sanctions investigation and a new deal
In 2022, Evolva underwent a sanctions investigation by the SIX Exchange Regulation in the middle of the year for “significant errors in the presentation of the financial years of 2019 and 2020 in the annual accounts.”
That year, Evolva also secured a US$39 million multi-year agreement with a contract manufacturing organization for its fermentation-based vanillin for fragrances.
Shareholder meeting
Evolva says it will hold a shareholders’ meeting in the coming days to approve the deal and its liquidation.
If it obtains approval, the delisting of Evolva Holding’s shares is expected to occur after a customary period of 6-12 months after the extraordinary general meeting.
By Anita Sharma
