Origin Agritech announces investment agreement with government investor to establish biotech commercialization joint venture.
Origin Agritech Limited (SEED)
US:NASDAQ Investor Relations:
originseed.investorroom.com
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Source: PR Newswire
BEIJING, June 5, 2019 /PRNewswire/ -- Origin Agritech Ltd. (NASDAQ: SEED) (the "Company" or "Origin"), an agriculture technology and rural e-commerce company, today announced that the Company entered into a Cooperation Framework Agreement with Beijing Changping Technology Innodevelop Group (BC-TID) to form a new joint venture to focus on the commercialization of genetically modified (GM) corn seed technologies.Under this agreement, Origin and BC-TID will establish the new entity with approximately equal partnership. The Company will contribute the Origin Life Science Center building in Beijing and two biotech corn traits to the new joint venture, and BC-TID will fund the joint venture with a total of RMB204 million. The two biotech traits are the glyphosate tolerance (Gt) trait and the double stacked traits of insect resistance (Bt) and Gt genes. These two traits have completed multi-year production tests, and we have submitted the application for the final stage of biosafety approval
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