Givaudan

Research partnership announced with Novozymes

  • Sectors : Foods
  • Companies : Givaudan

Ratings and price correct at time of issue.

  • Givaudan

    Closing Price: 370300chf

  • RATING 24/03/20

  • PREVIOUS RATING 21/06/12

    NEUTRAL

DAVY VIEW

Givaudan’s new research partnership with Novozymes for the development of enzymatic and microbial solutions interests us on a few levels — firstly, the concept of sustainable innovation and secondly the ideology of co-collaboration, which is not commonly seen in the F&F industry. At its half-year conference, Givaudan extended its addressable market by a multiple (to c.CHF40bn), reflecting opportunities in adjacencies — this partnership may be a precursor to further industry initiatives to serve the expanding opportunity set. In addition, the partnership plays to Givaudan’s broader ‘integrated solutions’ approach. While we do not have visibility on the agreed economics (revenue share, customer ownership, exclusivity of enzymes), we view this partnership as an interesting development.

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Nov 13 2020, 12:05 GMT

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