GERMANTOWN, Md. and
SUMMERLAND, British Columbia,
Feb. 27, 2015 /PRNewswire/
-- Intrexon Corporation (NYSE: XON), a leader in synthetic
biology, today announced it has entered into an agreement to
acquire Okanagan Specialty Fruits (OSF), the pioneering
agricultural company behind the Arctic® apple, the
world's first non-browning apple. Through the acquisition, Intrexon
expands its food programs to include trees yielding fruit that is
more appetizing and convenient for consumers while providing
economic benefit throughout the tree fruit supply chain.
"We are committed to bringing better versions of consumers'
favourite fruits to their grocery stores and kitchens, while
addressing additional novel traits in tree fruits that reduce waste
and address supply chain challenges," said Neal Carter, Founder of Okanagan Specialty
Fruits. "Joining forces with Intrexon and applying our
combined technical know-how is an important step to introducing
beneficial products for consumers and growers."
One of the fastest-growing categories of the fruit and vegetable
industry is the fresh-cut segment, bolstered by the convenience
factor and upward trend in consumption of healthier foods.
Marrying the art of fruit breeding with cutting-edge science
results in exciting new products that can benefit consumers and
producers alike. For example, the Arctic® apple provides consumers
with an answer to a pesky but common food issue without any
flavor-altering, anti-browning additives. It is an alternative to
current approaches to browning control, which are more costly and
require the application of chemical solutions or antioxidants.
Additionally, apples will be increasingly accessible to food
service outlets, where consumers spend roughly 50% of their food
dollars, because Arctic® apples solve both cost per serving and
quality concerns associated with pre-cut apples.
"Okanagan is a world leader in the development of fruit-bearing
plants to express enhanced, advantageous traits with tremendous
potential to revolutionize the tree fruit industry," said
Thomas R. Kasser, Ph.D., Senior Vice
President and Head of Intrexon's Food Sector. "Through this
acquisition, we can deliver more accessible and affordable choices
of high-quality foods for an ever-growing population. We are
extremely pleased that Neal Carter
will remain with the company providing both the creative spirit and
deep understanding of the tree fruit business that will assure
continued future success in this expanding business
opportunity."
Pursuant to the definitive agreement, Okanagan's stockholders
will receive $31 million in Intrexon
common stock and $10 million in
upfront cash. Consummation of the transaction, anticipated in
the first half of 2015, is subject to customary closing
conditions.
About Okanagan Specialty Fruits
OSF is a dynamic
agriculture biotechnology company based in Summerland, British Columbia, Canada that
specializes in developing tree fruit varieties with novel
attributes that benefit fruit producers and consumers alike.
Founded in 1996, OSF is one of the first firms in the commercial
tree fruit industry to pursue use of biotechnology directed
breeding to deliver product innovations.
About Intrexon Corporation
Intrexon Corporation (NYSE:
XON) is a leader in synthetic biology focused on collaborating with
companies in Health, Food, Energy, Environment, and Consumer
sectors to create biologically-based products that improve the
quality of life and the health of the planet. Through the
Company's proprietary UltraVector® platform and
integrated technology suite, Intrexon provides its partners with
industrial-scale design and development of complex biological
systems delivering unprecedented control, quality, function, and
performance of living cells. We call our synthetic biology
approach Better DNA®, and we invite you to discover more
at www.dna.com.
Trademarks
Intrexon, UltraVector and Better DNA are
trademarks of Intrexon and/or its affiliates. Other names may
be trademarks of their respective owners. Okanagan Specialty Fruits
and Arctic are trademarks of Okanagan Specialty Fruits Inc.
Safe Harbor Statement
Some of the statements made in
this press release are forward-looking statements. These
forward-looking statements are based upon our current expectations
and projections about future events and generally relate to our
plans, objectives and expectations for the development of our
business. Although management believes that the plans and
objectives reflected in or suggested by these forward-looking
statements are reasonable, all forward-looking statements involve
risks and uncertainties and actual future results may be materially
different from the plans, objectives and expectations expressed in
this press release.
For more information contact:
Okanagan Specialty Fruits Contact:
Joel Brooks
Marketing & Communications Specialist
(250) 404-0101
media@okspecialtyfruits.com
Intrexon Corporation Contacts:
Corporate Contact:
Marie Rossi, Ph.D.
Senior Manager, Technical Communications
Tel: +1 (301) 556-9850
publicrelations@intrexon.com
Investor Contact:
Christopher Basta
Vice President, Investor Relations
Tel: +1 (561) 410-7052
Investors@intrexon.com
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SOURCE Intrexon Corporation