Evogene Ltd. (EVGN), a computational biology company, on Monday announced the signing of a definitive agreement to sell majority of the operations of its subsidiary, Lavie Bio Ltd., to ICL Group Ltd.
The transaction is expected to close during the second quarter.
Under the agreement, ICL will acquire key assets including Lavie Bio's core team, its BDD technology platform, microbial bank, data assets, majority of its development programs, and its commercial products.
As part of the agreement, ICL will also take over Evogene's MicroBoost AI for Ag platform.
However, Lavie Bio's current partnership agreements will not be part of the deal and may still provide future revenue for Lavie Bio's shareholders.
The agreement is a strategic investment by ICL Planet and more than two years of close collaboration between ICL and Lavie Bio, during which they worked together to develop innovative bio-stimulant solutions for row crops affected by environmental stresses.
In the pre-market trading, Evogene is 1.26% lesser at $6.29 on the New York Stock Exchange.
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