IN BRIEF: Agronomics investee Tropic buys banana business Rahan
Agronomics Ltd - Isle of Man-based investor in cellular agriculture - Portfolio company Tropic Biosciences UK Ltd acquires Rahan Meristem (1998) Ltd for $20 million, ‘one of the world’s leading banana propagation businesses’ with ‘an established presence in Colombia, Costa Rica, Ecuador, the Philippines and Israel.’ Says the deal supports the scale-up and commercialisation of Tropic’s proprietary banana varieties. Expects it to give Tropic a direct route to growers, and accelerate product development and commercial launches, through the access to Rahan’s ‘production infrastructure, field testing plots, mother plantations, agronomy know-how and customer base.’ Tropic, which aims to develop improved crops with its GEiGS platform and other gene-editing technologies, also recently raised $105 million in a series C funding round and ‘launched the first new commercial banana varieties in more than 75 years.’
‘Tropic has consistently demonstrated the strength of its platform and team, and this acquisition represents an important step in its commercial development,’ comments Agronomics Executive Chair Jim Mellon. ‘By gaining direct access to key grower markets, Tropic is well positioned to help deliver improved crop resilience and contribute to greater food security.’ Agronomics has invested £2.3 million in Tropic since March 2020, and its position is currently carried at approximately £2.2 million or around 1.6% of its net asset value of £139 million as at March 31.
Current stock price: 6.17 pence, up 2.9% on Thursday afternoon in London
12-month change: down 13%
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