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Biotech / Medical : Munch-a-Biotech Today

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From: nigel bates	5/13/2010 4:57:16 AM
	of 3158

May 13 (Reuters) - Agriculture biotechnology firm FuturaGene said its Brazilian partner Suzano Papel e Celulose made a recommended cash offer that values the loss-making British company at about 59.2 million pounds ($87.8 million) to boost its forest-gene expertise. Paper and pulp maker Suzano agreed to pay 90 pence for each FuturaGene share, a 35 percent premium to FuturaGene's Wednesday close. Suzano already owns about 7.6 percent of FuturaGene. FuturaGene shares, which have shed 16 percent of their value in the last three months, were up 30 percent at 86.50 pence at 0805 GMT on the London Stock Exchange on Thursday. FuturaGene, which focuses on plant genetic research and development for forestry, biofuel and agricultural markets, reported a wider loss for the year ended December. The company has not posted a profit since 2000...

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