LOVELAND — Loveland Products Inc., a subsidiary of Canada-based Agrium Inc. (NYSE: AGU), has acquired Starpharma Holdings Ltd.’s agrochemical business, the company announced Wednesday.
Loveland Products, based in Loveland, acquired Starpharma’s Priostar portfolio for $35 million.
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The acquisition is comprised of key intellectual property, as well as a small number of staff based in Melbourne, Australia.
Starpharma’s underlying technology is built around dendrimers — a type of synthetic nanoscale polymer that is highly regular in size and structure and well-suited to pharmaceutical and medical uses, according to the company.
The assets will support Agrium’s innovation and technology strategy by providing proprietary products that address challenges for existing and emerging growers.
The technology will be used across a broad base of Loveland Products’ crop-protection and specialty nutrition products. The technology has proved to provide benefits, including better weed control, formulation stability and reduced environmental impacts.
Agrium will commercialize the technology across its 1,500 ag-retail centers, which service hundreds of thousands of growers in agricultural markets globally, said Chuck Magro, Agrium’s president and chief executive.