Precigen (NASDAQ:PGEN) entered into a definitive agreement to sell its wholly-owned non-healthcare subsidiary, Trans Ova Genetics, an animal reproductive technologies company, to URUS, a holding company with cooperative and private ownership, for $170-million in upfront cash and up to $10-million in earn-out based on the performance of Trans Ova in 2022 and 2023.
The transaction is expected to close in the third quarter of 2022 and is subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
“We believe this transaction will support Precigen’s mission as a premier cell and gene therapy company laser focused on the rapid development of our top clinical assets to maximize shareholder value and potentially improve the way devastating diseases like cancer are treated,” Helen Sabzevari, Ph.D., president and CEO of Precigen, said in a statement.
“I am proud of Precigen management and the Trans Ova team for successfully leading the financial turnaround of Trans Ova operations to maximize the value of this asset over the last two years,” Ms. Sabzevari said.
