Global agricultural technology company Syngenta (Basel, Switzerland) has agreed to acquire Pasteuria Bioscience Inc. (Alachua, Fla.) for aggregate payments of $86 million, with additional deferred payments of up to $27 million. Since 2011 Syngenta and Pasteuria have had an exclusive global technology partnership to develop and commercialize biological products to control plant-parasitic nematodes using the naturally occurring soil bacteria Pasteuria spp. “Pasteuria Bioscience has developed critical knowhow for in vitro production of Pasteuria, enabling commercial scale manufacturing,” said John Atkin, COO of Syngenta. The first product will be a seed treatment for soybean cyst nematode to be launched in 2014. Pasteuria Bioscience was founded in 2003 in the University of Florida’s Sid Martin Biotechnology Incubator where it remains headquartered.
Disclaimer: NCN does not warrant the accuracy, reliability, or timeliness of any NCN news item. Before relying on any NCN News item the information should be independently verified.
For more finance and investment information, visit Nutrition Capital Network news.