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Corteva Agriscience to Invest in Israel-Based Biologicals Company Lavie Bio
Tuesday 13 August 2019

13 August 2019 - Delaware, US-based agriculture company Corteva, Inc. (NYSE: CTVA) has invested in Israel-based Lavie Bio, an agriculture biologicals subsidiary of biotechnology company Evogene Ltd., (NASDAW: EVGN) (TASE: EVGN), the company said.
The transaction includes the exchange of all shares of Corteva's wholly owned subsidiary Taxon Biosciences along with an equity investment by Corteva in Lavie. As consideration for the Taxon Biosciences shares and equity investment, Corteva will be issued approximately 30% of Lavie's equity while Evogene will hold approximately 70% of Lavie's equity. Additional terms were not disclosed.
Taxon Biosciences' capabilities are expected to provide synergetic value to Lavie and accelerate the development of Lavie's products.
Taxon Biosciences' assets, including a large microbial collection and product candidate pipeline, will be integrated into Lavie's pipeline, accelerating Lavie's biology driven design approach and its product development.
Corteva Agriscience provides farmers around the world a complete portfolio in the industry including a balanced and diverse mix of seed, crop protection and digital solutions focussed on maximising productivity to enhance yield and profitability. Corteva Agriscience became an independent public company on June 1, 2019, and was previously the Agriculture Division of DowDuPont.
Evogene Ltd. develops novel products for major life science markets through the use of a computational predictive biology platform incorporating scientific understandings and advanced computational technologies
Lavie Bio Ltd. aims to improve food quality, agricultural sustainability and productivity through the introduction of microbiome based ag-biological products.
Utilising proprietary computational predictive technologies, Lavie is developing 'next generation' bio-stimulants and bio-pesticides.
Details
Date Published: 13/08/2019
Target: Lavie Bio/30% stake
Country: Israel
Sector: Biotechnology
Type: Stakebuilding
Financing: Stock
Status: Agreed
Vendor: Evogene Ltd
Buyer: Corteva, Inc.
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