Pharma BD Deal Intelligence

DSM N.V. / Roche Vitamins and Fine Chemicals Division

2002 · Acquisition/Merger · $2.2B · Complete

Outcome grade pending — assessed 5 years post-close.

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The coverage arc

Sep 03, 2002 NutraIngredients Neutral

Roche chairman Franz Humer framed the EUR 2.25B sale as a focus move on Roche's 'two high-tech pillars, pharmaceuticals and diagnostics'; Roche kept all…

May 19, 2003 European Commission Bearish

EU Commission opened in-depth Phase II probe into the DSM/Roche Vitamins deal citing horizontal overlap concerns, particularly in feed enzymes.

Sep 29, 2003 US Federal Trade Commission Bearish

FTC alleged the deal would violate Section 7 of the Clayton Act in feed phytase markets; DSM agreed to divest the phytase business to BASF as the consent…

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DSM acquired Roche's Vitamins & Fine Chemicals division for EUR 2.25B (approximately $2.24B) as part of Roche's refocus on its pharmaceuticals and diagnostics pillars following its vitamin price-fixing settlements. The transaction cleared on conditions, with the FTC requiring divestiture of the feed-phytase business to BASF and the EU Commission granting clearance in July 2003. DSM completed the acquisition with effect from September 30, 2003 and renamed the business DSM Nutritional Products.

Key facts

Related deals — scored

DealYearValueOutcome
DSM N.V. / Roche Vitamins and Fine Chemicals Division (this deal)2002$2.2B
Roche Holding AG / Chugai Pharmaceutical Co. Ltd.2002$1.4B100
Gilead Sciences Inc. / Triangle Pharmaceuticals Inc.2002$464M96
Amgen Inc. / Immunex Corporation2002$16.0B92
Novartis AG / Lek Pharmaceuticals d.d.2002$876M88
Bayer AG / BlueRock Therapeutics2002$600M79
Novartis AG / Hexal AG2002$8.3B75

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