Biotage AB will begin negotiations with Chreto ApS shareholders to acquire the Danish company after declining a call option route.
In August 2016, Swedish life science company Biotage, which currently owns about 22% of Chreto, had invested 15 million Danish kroner in exchange for Chreto shares.
Chreto, which develops and commercializes a single-use protein purification technology for biopharmaceutical manufacturing, granted Biotage an option to buy all outstanding Chreto shares for 102.3 million kroner, or 600 kroner per share, until Dec. 31.
Biotage CEO Torben Jörgensen said the price under the option was "too high," and the company will now look to acquire Chreto at a valuation that will allow Biotage to make investments that will bring Chreto's technology to the market.
Earlier in December, Biotage said it will acquire privately held biotechnology company PhyNexus Inc. for about $21.5 million.
As of Dec. 18, US$1 was equivalent to 6.57 Danish kroner.