Just two weeks after the public announcement that the U.S. Food and Drug Administration (FDA) has granted approval for the production and marketing of the non-browning, genetically modified Arctic Golden and Arctic Granny apples developed by Okanagan Specialty Fruits, synthetic biology product developer Intrexon has announced it has agreed to acquire Okanagan for $41 million.
Maryland-based Intrexon was founded in 1998 and focuses of what it terms synthetic biology and providing its partners with industrial scale development of complex biological systems.
Under this acquisition, Intrexon will expand its food program to include tree yielding fruit that better meets consumer’s tastes while addressing traits that reduce waste and solve supply chain challenges. The company is also the owner of AquaBounty Technologies, which has been waiting for 20 years for FDA approval for its fast-growing AquAdvantage salmon, despite the FDA’s determination of ‘no significant impact’ in 2012.
This deal for Okanagan gives Intrexon access to the fresh-cut market, one of the fastest growing segments of the fruit and vegetable retail industry, where the Arctic apple’s non-browning trait eliminates the need for chemical solutions or antioxidants commonly used to deter discoloration.
Under the terms of the deal which is scheduled to close in June, Okanagan shareholders will receive $31 million in Intrexon common stock and $10 million in cash.
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