ALACHUA – Pasteuria Bioscience, Inc., located in the University of Florida's Sid Martin Biotechnology Incubator in Alachua’s Progress Corporate Park is being acquired by Swiss-based Syngenta, an agricultural technology company. Under terms of the agreement, Syngenta will acquire Pasteuria Bioscience for aggregate payments of $86 million, plus up to $27 million in deferred payments.
In 2011 Syngenta and Pasteuria Bioscience entered into a global exclusive technology partnership to produce nematode control products based on Pasteuria spp., a naturally-occurring soil bacteria long recognized as a promising biological control agent against nematodes. A revolutionary in-vitro production process will enable the development of cost-effective nematicides. The first product will be a seed treatment for soybean cyst nematode to be launched in the U.S in 2014.
Nematodes are a major pest across all crops and there are few commercial products available making it one of agriculture’s largest unmet pest control needs. The acquisition will facilitate the introduction of key products to complement Syngenta’s existing chemical nematicide range and to support integrated solutions across a broad variety of crops such as soybean, corn, cereals, sugarbeet and vegetables.
Al Kern, Executive Chairman and President of Pasteuria Bioscience said, "Pasteuria Bioscience is excited to become part of the Syngenta team. We've been working closely together over the past year and have made significant progress on a number of nematode control products in a variety of crops. Syngenta recognizes the potential with the Pasteuria platform and can commercialize it in a broad range of products for the global marketplace."
Syngenta’s John Atkin said, “Results from our partnership have shown that Pasteuria provides superior control of nematodes in a wide variety of applications. Pasteuria Bioscience has developed critical knowhow for in-vitro production of Pasteuria, enabling commercial scale manufacturing.
Pasteuria Bioscience, Inc., was founded in 2003 in the University of Florida’s Sid Martin Biotechnology Incubator where it remains headquartered. The company was developed to commercialize its revolutionary technology for production of biological nematode control products based on the Pasteuria platform. The first Pasteuria-based product Econem® was commercialized in 2010 for sting nematode control in the golf and sports turf markets.
Syngenta, which is traded on the New York Stock Exchange (SYT), is headquartered in Basel, Switzerland and employs 26,000 employees in some 90 countries including the United Kingdom, India, France, China, Brazil and the U.S. Operations in the U.S. are located in Research Triangle Park, North Carolina, Greens Bayou, Texas, Omaha, Nebraska and St. Gabriel, Louisiana. It is expected that Pasteuria Bioscience will remain at its current Alachua location.
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