Key Takeaways
- Above Food Corp and NRGene Technologies Ltd have entered into an asset-purchase agreement.
- The acquisition includes AI-based genomic assets, intellectual property, and trait development technology licensing rights.
- The deal aims to accelerate the creation of elite crop varieties with valuable genetic traits for the food industry.
- Above Food will receive a license to NRGene’s proprietary TraitMAGIC™ technology.
- The transaction is contingent on the closing of Above Food’s business combination with BITE Acquisition Corp.
Above Food Corp, an innovative food company, and NRGene Technologies Ltd, an Ag-Tech company, announced an asset-purchase agreement. Above Food purchases AI-based genomic assets, intellectual property, and trait development technology licensing rights from NRGene. The closing of this transaction is contingent upon the completion of Above Food’s business combination with BITE Acquisition Corp.
Strategic Importance
The acquisition is a strategic move for Above Food, aiming to accelerate the development of elite crop varieties with valuable and beneficial genetic traits. NRGene’s unique AI genomic technology has already shown its effectiveness in over 300 projects involving key crops. The deal is expected to boost crop productivity, improve nutritional values, and lower the CO2 footprint of the food supply chain.
Technology Transfer
Above Food will receive a license to NRGene’s proprietary TraitMAGIC™ technology, which facilitates efficient trait mapping and introgression of desirable traits into elite crops. An R&D team from NRGene Canada Inc., a wholly-owned NRGene subsidiary, is expected to join Above Food’s Discovery Trait Genetics team.
Additional Benefits
NRGene will provide Above Food with canola trait and germplasm featuring durable clubroot resistance and high protein content, DNA markers for quality traits in additional Western Canadian-grown crops, and genomic lab facilities in Saskatoon, Canada.
Future Prospects
Both companies anticipate that the strengths of Above Food and NRGene coming together will create an industry-leading trait genetics company focused on crop trait development. The partnership aims to impact global agricultural productivity and food security worldwide.
Photo by Abdul Hameed on Unsplash
