Acquisitions

12 Months Ended

Dec. 31, 2023

On June 29, 2022 we announced a definitive agreement to acquire BioPhero ApS ("BioPhero"), a Denmark-based pheromone research and production company. The acquisition adds state-of-the-art biologically produced pheromone insect control technology to our product portfolio and R&D pipeline, underscoring our role as a leader in delivering innovative and sustainable crop protection solutions.

The purchase price of approximately $193 million was primarily paid at closing on July 19, 2022. The acquisition, which was accounted for as a business combination, includes all of BioPhero’s technology, IP, supply agreements, employees and net assets of the business.

Purchase Price Allocation

The allocation of the purchase price to the assets acquired and liabilities assumed, including the residual amount allocated to goodwill, is considered complete. The allocation was subject to change within the measurement period (up to one year from the acquisition date) if additional information concerning final asset and liability valuations was obtained. There were no adjustments to the initial purchase price allocation during the measurement period.

The following table summarizes the consideration paid for the BioPhero acquisition and the amounts of the assets acquired and liabilities assumed.


Purchase Price Allocation
(in Millions)
Fair Value of Assets Acquired
Cash	$	10.0
Intangible assets
Developed Technology (1)	66.3
In-process research & development	10.5
Goodwill	130.7
Other Assets	3.4
Total Assets	$	220.9
Fair Value of Liabilities Assumed
Deferred income tax liabilities	$	16.6
Other Liabilities	1.1
Total Liabilities	17.7
Net Assets	$	203.2

Total Purchase Consideration:	Amount
Cash purchase price, net of acquired cash	$	193.2
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(1) Expected life is 15 years and will be amortized based on the pattern of economic benefit