Biosys has paid $3.5 million to acquire the private pheromonecompany AgriSense, as well as providing 400,000 shares ofcommon stock, Biosys announced Tuesday.
Included in the acquisition are the wholly owned AgriSenseEuropean subsidiary Biological Control Systems and U.S.operations headquartered in Fresno, Calif.
Both divisions of AgriSense develop and market pheromone-based products for the detection and monitoring of cockroachesand insect pests in high-value crops and stored products. Otherproducts and technologies disrupt the mating of insect peststhat attack rice and cotton crops.
AgriSense was formed as a Delaware general partnership in1988 between general partners Dow Corning Enterprises Inc.and Provesta Corp., a subsidiary of Phillips Petroleum Co.
In addition to the Biosys common stock provided in theacquisition, more shares may be issued under certaincircumstances, the Palo Alto, Calif., company said.
Biosys (NASDAQ:BIOS) announced its intention to acquire thecompany Feb. 9.
Biosys' stock closed at $8.50 a share on Tuesday, up 25 cents.
-- Nancy Garcia Associate Editor
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