• Thu. Jun 20th, 2024

Calyxt Shares Surge On Merger Agreement Creating Agriculture-Focused Precision Gene Editing Company

ByVandana Singh

Jan 17, 2023
Calyxt Shares Surge On Merger Agreement Creating Agriculture-Focused Precision Gene Editing Company

[ad_1]

  • Calyxt Inc CLXT has agreed to merge with Cibus in an all-stock transaction to create a company focused on agriculture-based gene editing and establish facilities for trait development and next-generation plant breeding.

    • Productivity Traits: Key basis of competition in the “seed and trait” business. Cibus’ patented gene editing platform, the Rapid Trait Development System (RTDS), develops productivity traits in seeds for sustainable farming by increasing crop yields and reducing inputs.
    • Renewable Low-Carbon Ingredients: Gene editing is a key tool in developing sustainable low-carbon ingredients that can replace fossil fuel-based ingredients and diesel fuel.

  • Cibus has a broad pipeline of productivity traits and collaborations with several seed companies. It is launching three productivity traits, with transfers to customers for commercialization beginning in 1H of 2023. 
  • Calyxt shareholders will own approximately 5% of the combined company.
  • The merger is expected to close in Q2 of 2023.
  • “Cibus is an excellent strategic fit for Calyxt given our complementary technology platforms, and the merger provides a great opportunity to leverage multiple synergies to drive innovation and shareholder value,” said Michael A. Carr, President and CEO of Calyxt.
  • The combined company, renamed Cibus Inc, will trade on the Nasdaq Capital Market. 
  • The current Cibus management team will lead the new combined organization, with Rory Riggs assuming the roles of Chairman & CEO.
  • Price Action: CLXT shares are up 120.78% at $0.4100 during the premarket session on the last check Tuesday.

[ad_2]

Image and article originally from www.benzinga.com. Read the original article here.