Archive for June, 2019

Origin Agritech entered into investment agreement to form a new JV

Friday, June 7th, 2019

Origin Agritech Ltd., an agriculture technology and rural e-commerce company registered in the British Virgin Islands, entered into a Cooperation Framework Agreement with Beijing Changping Technology Innodevelop Group (BC-TID), with the purpose to form a new joint venture which will be focused on the commercialization of genetically modified corn seed technologies.

According to this agreement, both companies will establish the new entity with approximately equal partnership. BC-TID will fund the joint venture with a total amount of RMB204mln, while Origin Agritech will contribute the Origin Life Science Center building in Beijing and two biotech corn traits – the glyphosate tolerance (Gt) trait and the double stacked traits of insect resistance (Bt) and Gt genes.

These two biotech traits have completed multi-year production tests, and the BVI corporation has already submitted the application for the final stage of biosafety approval to China’s Ministry of Agriculture.

Since Origin started its corn seed biotechnology research 15 years ago in cooperation with Chinese Academy of Agricultural Sciences, it has developed several corn seed biotech traits. Also, the BVI company has entered into commercialization agreements with multinational and local corn seed companies. Dr. Gengchen Han, Origin’s Chairman and Chief Executive Officer, stated: “The investment of BC-TID to form a joint venture for biotech corn seed commercialization gives us very strong support as we’re moving closer to the commercialization of our corn seed biotechnologies.”