WILMINGTON, DELAWARE, United States – Corteva, Inc. plans to invest in Lavie Bio Ltd., a company based in Rehovot, Israel, which seeks to develop and market environmentally friendly products for agricultural production.
Lavie Bio recently developed three biostimulant product candidates, LAV211, LAV212 and LAV 213, which have demonstrated improvements in wheat yield over a two-year period. Fields treated with biostimulant product candidates produced higher yields than control fields 80% of the time.
Wilmington-based Corteva, which was part of the DowDuPont spin-off earlier this year, is a publicly traded company with a wealth portfolio of DuPont Pioneer, DuPont Crop Protection and Dow AgroSciences. The company’s investment in Lavie Bio will include the exchange of all shares in Corteva’s subsidiary, Taxon Biosciences, as well as an equity investment in Lavie Bio. The assets of Taxon Biosciences, which include a microbial collection, will be integrated into the Lavie Bio pipeline.
Corteva will receive around 30% of Lavie Bio’s capital. Evogene, Ltd., the parent company of Lavie Bio, will own approximately 70% of the capital of Lavie Bio. Corteva will have certain rights with respect to Lavie Bio’s corn and soybean pipelines.
âThis transaction demonstrates Corteva’s continued commitment to bringing new and differentiated technologies to market for our customers,â said Susanne Wasson, President of the Crop Protection Business Platform for Corteva. âWe are delighted to collaborate with Lavie Bio, a leader in the field of organic agricultural products. , as we continue to focus on accelerating the commercialization of customer-centric innovation in this high-growth industry.
Lavie Bio uses a proprietary computational predictive biology platform to help the company improve food quality, agricultural sustainability, and productivity by developing microbiome-based agricultural organics. Lavie Bio is already in partnership with Corteva to develop biostimulant products for corn.
“We are extremely pleased with the combined acquisition of Taxon and equity investment by Corteva, a global leader in the agricultural market, after nearly two years of co-development collaboration,” said Ofer Haviv, Chairman of the Board of administration of Lavie Bio and president and CEO of Evogene. âBy providing both additional complementary technologies as well as potential commercialization avenues, we believe this transaction will significantly enhance Lavie’s capabilities for the development and commercialization of next-generation agricultural organics. “