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Biotech / Medical : Diversa Corporation (DVSA) -- Ignore unavailable to you. Want to Upgrade?

To: nigel bates who wrote (59)	12/21/2001 12:04:16 PM
From: nigel bates	Read Replies (1) \| Respond to of 144

Diversa and BASF Cooperate in the Development Of Novel Biocatalysts and Processes SAN DIEGO and LUDWIGSHAFEN, Germany, Dec. 21 /PRNewswire/ -- Diversa Corporation (Nasdaq: DVSA - news) and BASF (NYSE: BF - news) today announced that they have entered into a collaborative agreement to evaluate selected biocatalysts and biological processes for a variety of chemical opportunities. Under this broad agreement, biocatalysts that have been developed by Diversa will be integrated with BASF's proprietary processes for development and commercial evaluation. Products commercialized by BASF will generate license revenues and royalties for Diversa. ``We are pleased to begin a commercial relationship with BASF, a leader in fine and specialty chemicals, plastics and coatings,'' stated Jay M. Short, Ph.D., President and Chief Executive Officer of Diversa Corporation. ``A key component of our chemical product strategy is the internal development of novel biocatalysts and processes that can then be licensed to market leaders for commercialization. Our proprietary technologies can further enhance BASF's superior ability to develop and commercialize biological processes. We anticipate that this relationship will accelerate our ability to commercialize high-value chemical products.'' ``Diversa is the global leader in the discovery and evolution of novel biocatalysts from diverse environmental sources'', stated Bernhard Hauer, Ph.D., Vice President, Research at BASF. ``Diversa's biocatalyst technology has a huge potential in improving performance characteristics such as enantioselectivity, activity, stability and expression. The relationship will help strengthen our ability to create manufacturing efficiencies, reduce production costs and accelerate the generation of new chemical products and processes.'' BASF has more than two decades of experience in the area of biocatalysis. The company uses biocatalytic processes to produce vitamins (e.g. vitamin C and B2), amino acids (e.g. lysine) and fine chemicals (e.g. chiral intermediates: ChiPros(TM)) by means of living cells or enzymes. Diversa Corporation is a global leader in developing and applying proprietary technologies to discover and evolve novel genes and gene pathways from diverse sources. The Company is utilizing its fully integrated approach to develop novel enzymes and other biologically active compounds, such as orally active drugs, produced by these genes and gene pathways. The Company's proprietary evolution technologies facilitate the optimization of genes to enable product solutions for the pharmaceutical, agricultural, chemical processing, and industrial markets. Within these broad markets, the Company is targeting key multi-billion dollar market segments where it believes its technologies and products will create high value and competitive advantages for strategic partners and customers. The Company's strategic partners are market leaders and include Aventis Animal Nutrition S.A., Celera Genomics, The Dow Chemical Company, GlaxoSmithKline plc, Invitrogen Corporation, and Syngenta Biotechnology, Inc. The Company has also formed joint ventures with The Dow Chemical Company (named Innovase LLC) and with Syngenta Seeds AG (named Zymetrics, Inc.). Additional information is available at Diversa's website: www.diversa.com . BASF is a transnational chemical company that aims to increase and sustain its corporate value through growth and innovation. The company's product range includes high-value chemicals, plastics, colorants and pigments, dispersions, automotive and industrial coatings, agricultural products and fine chemicals as well as crude oil and natural gas. BASF's approach to integration, known in German as ``Verbund,'' is one of its particular strengths, ensuring cost leadership and a unique competitive advantage. With sales of about euro 36 billion (circa $34 billion) in 2000 and over 90,000 employees, BASF is one of the world's leading chemical companies. BASF acts in accordance with the principles of Sustainable Development. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA), Zurich (BAS), Paris (BA) and New York (BF). The company's Internet address is www.basf.com ....