Mendel Biotechnology Inc., a leading agricultural discovery company, announced its intention to sell its operating subsidiary, Mendel Plant Sciences.
Mendel Biotechnology Inc. will continue to operate its royalty-based, biotech trait business developed primarily in collaboration with Monsanto. The separation of the two distinct businesses will enable each to maximize their respective value.
Mendel's knowledge of the 'Plant Gene Regulatory Networks,', that control crop productivity processes, is a direct result of more than $100 million invested in research and development. This investment in people and facilities has generated advanced technologies, including Mendel's Productivity Reporter Panel, a proprietary screening system, new biotech traits and novel herbicide candidates.
Mendel has discovered performance chemistries and biostimulants that enhance crop productivity through improved drought tolerance, water use, disease resistance and photosynthesis.
Neal Gutterson, president and CEO of MBI, said: "We have made tremendous progress at Mendel, generating new technologies for improving plant growth and performance through both seed and agrochemical products. We believe that our technologies can help shape the future of the agricultural industry".
MBI has engaged Kirchner Group, a leading mid-market M&A firm with expertise in the agriculture and food industries, to advise the Board and lead the acquisition process. "The Board of Directors feels that the Company can best achieve its full potential within the context of a larger organization that has a complementary strategic focus.
In this way, it could fully realize its commercial opportunities within the billion-dollar markets that its platform creates," explained Gutterson.