By SeafoodSource staff
Published on 04 November, 2012
Virginia-based synthetic biology company Intrexon Corp. plans to buy a 48 percent interest in AquaBounty Technologies.
The largest shareholders for the Massachusetts-based company behind genetically engineered salmon have agreed to sell their combined holdings to Intrexon.
The purchase agreement states Intrexon will buy 48.6 million AquaBounty shares from Linnaeus Capital Partners and its subsidiary Tethys Ocean for USD 6 million, or about 12.3 cents per share. After the sale is final, the founder of Linnaeus and three other directors nominated by the company will resign their seats on AquaBounty’s board of directors.
In accordance with AquaBounty’s charter, Intrexon is required after the close of the transaction to make a cash offer for the remaining issued and outstanding capital stock of the company at the highest price that person has paid in the preceding 12 months.
“This transaction will accelerate our efforts to play a leading role in solving the world’s emerging food shortages through biotechnology,” said Thomas Kasser, Intrexon’s animal science division president. “AquaBounty’s pioneering work in genetically modified fish is an initial step toward creating a large-scale, efficient and environmentally safe and sustainable global aquaculture market. We look forward to working with the AquaBounty team to improve aquaculture productivity and expand the reach of their molecular medication technology.”
In February, AquaBounty announced it was trying to raise an additional USD 2 million by issuing new shares.