Blacksburg-based Intrexon to acquire 48 percent interest in Massachusetts biotech company
- October 31, 2012
Blacksburg-based synthetic biology company Intrexon Corp. plans to buy a 48 percent interest in AquaBounty Technologies Inc., a Massachusetts biotech company focused on improving aquaculture productivity.
In accordance with the purchase agreement, Intrexon will buy 48.6 million AquaBounty shares from Linnaeus Capital Partners B.V. and its affiliate, Tethys Ocean B.V., for $6 million or approximately 12.3 cents per share in cash.
After the sale is closed, the founder of Linnaeus Capital, Kakha Bendukidze and three other directors nominated by Linnaeus Capital, will resign their seats on AquaBounty’s board of directors.
In accordance with provisions of AquaBounty’s charter, Intrexon is required after the close of the transaction to begin a tender offer for the other outstanding shares of AquaBounty.
“This transaction will accelerate our efforts to play a leading role in solving the world’s emerging food shortages through biotechnology,” Thomas Kasser, president of Intrexon’s Animal Science Division, said in a statement. “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 modification technology.”