$Intrexon(XON)$ Exclusive Global Agreement to Transform Surterra's Ability to Produce Specific Cannabinoids to Meet Growing Demand, Boost Innovation and Product Development
BUDAPEST, Hungary and ATLANTA, June 18, 2019 /PRNewswire/ -- Intrexon Corporation (Intrexon) (XON), a leader in the engineering and industrialization of biology to improve quality of life and health of the planet, and Surterra Wellness (Surterra), one of the fastest growing health and wellness companies in the United States today announced an exclusive global licensing agreement. The companies will join forces to advance Surterra's cannabinoid production at a reliable, efficient, cost-effective, industrial scale utilizing Intrexon's proprietary yeast fermentation platform. The $100 million deal, including milestones and royalties, will leverage each company's expertise to ultimately bring new cannabis products to market to meet growing, and more selective, future consumer demand, with greater supply chain security, in a more consistent, efficient and cost effective way." data-reactid="12">BUDAPEST, Hungary and ATLANTA, June 18, 2019 /PRNewswire/ -- Intrexon Corporation (Intrexon) (XON), a leader in the engineering and industrialization of biology to improve quality of life and health of the planet, and Surterra Wellness (Surterra), one of the fastest growing health and wellness companies in the United States today announced an exclusive global licensing agreement. The companies will join forces to advance Surterra's cannabinoid production at a reliable, efficient, cost-effective, industrial scale utilizing Intrexon's proprietary yeast fermentation platform. The $100 million deal, including milestones and royalties, will leverage each company's expertise to ultimately bring new cannabis products to market to meet growing, and more selective, future consumer demand, with greater supply chain security, in a more consistent, efficient and cost effective way.
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MoreIntrexon has scaled its proprietary yeast fermentation process and is on track to realize production of pure cannabinoids at a target cost of goods of <<span class="xn-money">$1,000/kg. With exclusive global access to Intrexon's technology for microbial production of cannabinoids, Surterra gains a clear research and development roadmap to:
Isolate, produce, and explore the therapeutic benefits of specific, rare cannabinoids and produce them in large quantities at a lower cost.Improve yield consistency, purity and quality control to meet the future need for large scale, predictable cultivation.Reduce reliance on conventional indoor and farming cultivation methods for production of cannabinoid concentrates, which are resource intensive to isolate and can lead to quality and quantity variability in end products; transition to a more sustainable, environmentally friendly model.Focus traditional agricultural grow investment for flower and smokable products.," said Surterra Chief Executive Officer William "Beau" Wrigley, Jr. "We look forward to working with Intrexon's world-class scientists as we explore the full possibilities of what technology, science and R&D in cannabis can do to improve the lives of our consumers."" data-reactid="39">"This significant and strategic investment with Intrexon means Surterra can ramp up our research and development of specific cannabinoids, to ultimately craft cannabinoid products to meet the future demands and needs of our customers. This transformative deal with Intrexon gives us a leading edge as we enter a new paradigm in cannabis, where the industry leaders will be those who have expertise in building global brands and in research and innovation. Imagine a day when technology and science leads to breakthrough cannabis-based therapeutic alternatives to pharmaceuticals that can be made available to consumers globally," said Surterra Chief Executive Officer William "Beau" Wrigley, Jr. "We look forward to working with Intrexon's world-class scientists as we explore the full possibilities of what technology, science and R&D in cannabis can do to improve the lives of our consumers."This is the second strategic deal between Surterra and Intrexon in three months, with the first partnership focusing on Intrexon's Botticelli™ next generation plant propagation technology to improve Surterra's cannabis plant production efficiency, yield and quality for Surterra's specific cannabis cultivars in Florida.
" data-reactid="41">Beau Wrigley, that brings proven expertise in building global companies, iconic brands, and gold-standard operations. Importantly, they share our values, business integrity and long-term view of how this technology can disrupt the future of the cannabis business," said Randal J Kirk, CEO of Intrexon Corporation. "Few cannabis companies have the ability to target and produce rare cannabinoids and explore their benefit at a meaningful scale. We believe our partnership can accelerate Surterra's industry leadership position, as our proprietary platform is poised to cost-effectively produce specific cannabinoids at commercially relevant quantities and open doors for their researchers to fully explore the potential of cannabinoids."" data-reactid="42">"Intrexon is thrilled to exclusively partner with Surterra on the fermentation of cannabinoids. They are a transformative leader in the cannabis business, with a management team led by Beau Wrigley, that brings proven expertise in building global companies, iconic brands, and gold-standard operations. Importantly, they share our values, business integrity and long-term view of how this technology can disrupt the future of the cannabis business," said Randal J Kirk, CEO of Intrexon Corporation. "Few cannabis companies have the ability to target and produce rare cannabinoids and explore their benefit at a meaningful scale. We believe our partnership can accelerate Surterra's industry leadership position, as our proprietary platform is poised to cost-effectively produce specific cannabinoids at commercially relevant quantities and open doors for their researchers to fully explore the potential of cannabinoids."