BASF Corporation has entered into an agreement to acquire biotechnology company Verenium Corporation.

The agreement, in which BASF will purchase all of the outstanding shares of Verenium’s common stock for US$4.00 per share, has been unanimously approved by both Verenium’s and BASF’s Boards of Directors. Based on all outstanding shares and including all net financial liabilities, the enterprise value would be approximately US$62 million. Verenium is based in San Diego, California, and generated sales of US$57 million in 2012. The acquisition is expected to close in the fourth quarter of this year.

Verenium Corporation is focused on the development and commercialization of high-performance enzymes for a number of applications, including biofuels production. According to a BASF press release, the company believes that combining “Verenium’s scientific and technological excellence with BASF’s enzyme activities and its global access into all relevant markets will strengthen BASF’s footprint in the strategic enzyme growth market.”