Fishing tackle business Rapala VMC Corporation has acquired the Ultrabite chemical brand from UK biotechnology concern Kiotech for €900,000 (£818,182).

Fishing tackle business Rapala VMC Corporation has acquired the Ultrabite chemical brand from UK biotechnology concern Kiotech for €900,000 (£818,182).

Kiotech will retain its licensing rights for chemical, a phermone attractant used in sports fishing, so that it can be used for the agriculture and commercial fishing markets under the Aquatice brand. This deal fits into the company’s strategy of focusing on supplying feed additives for the farmed meat and fish protein industries.

Richard Rose, chairman of Kiotech, said: ‘Sports fishing is a fragmented global market and this disposal enables Kiotech to focus exclusively on the exciting potential of the global aquaculture and agriculture markets.’

In the six months to June 2009, Surrey-based Kiotech reported an increase of pre-tax profits of 59.5 per cent to £277,000 and revenue of £3.5 million.