Evolva to buy Abunda Nutrition

Pursuant to the proposed merger, Evolva is expected to take over 100% of the share capital of Abunda in return for 25m Evolva shares (12.9% of Evolva’s share capital post transaction, fully diluted).

One part of this collaboration, using Evolva’s proprietary technology, succeeded in making the key components of the natural high intensity sweetener Stevia via fermentation in yeast.

This process bypasses the complex logistics associated with the traditional cultivation, processing and refining of Stevia plants, and allows pure Stevia sweetness components to be produced.

Apart from Stevia, Evolva will obtain full ownership of certain additional development-stage compounds with relevance in cardiovascular health and other nutrition sectors.

Clinical nutrition trials have been conducted on selected compounds.

The two companies have collaborated on the development of Abunda’s next-generation nutritional ingredients since 2009.

Evolva chief scientific officer Jutta Heim said over the next 12 – 18 months, the company’s task on Stevia is to further improve the yield and transfer to the scale-up phase and it will also progress the wider nutrition portfolio together with the people joining it from Abunda.

Evolva Board of Directors chairman Erich Schlick said the transaction is in line with the strategy to maximise their innovative technology platform by discovering, developing and manufacturing high-value active ingredients to enable novel products for the pharmaceutical, consumer healthcare and nutrition markets.

The transaction is subject to approval of the required capital increase by Evolva’s shareholders and is expected to close in late Q2 or early Q3 2011.