ICL to invest $10 million in Lavie Bio
ICL (NYSE: ICL) (TASE: ICL), a leading global specialty minerals
company, and Evogene Ltd. (Nasdaq: EVGN) (TASE: EVGN), a leading
computational biology company focused on revolutionizing product
discovery and development in multiple life-science based
industries, announced today a multi-year, strategic, collaboration
agreement between ICL and Lavie Bio Ltd., a subsidiary of
Evogene.
Lavie Bio is a leading ag-biologicals company focusing on
improving food quality, sustainability and agriculture productivity
through the introduction of microbiome-based products. Lavie Bio’s
unique approach uses Evogene’s tech engine MicroBoost AI,
leveraging big-data, advanced artificial intelligence (AI), in
combination with a deep understanding of biology.
As part of the collaboration, ICL will make a $10 million
investment in Lavie Bio under a SAFE (simple agreement for future
equity). The investment will be made via ICL Planet Startup Hub,
which is the platform ICL uses to invest in and collaborate with
innovative companies in the foodTech and agriTech domains.
The collaboration will focus on developing novel bio-stimulant
products to enrich fertilizer efficiency. Combining Lavie Bio's
ag-biologicals expertise and cutting-edge technology with ICL's
advanced knowledge of fertilizer use and farmers’ needs is aimed to
facilitate the development of new and innovative products for the
agriculture industry.
Ag-biologicals are externally applied products derived from
natural, biological sources, including microbials, macrobials,
biochemicals and minerals, and used to optimize overall plant and
soil health. Ag-biological products include bio-stimulants, for
maximizing plant yield, quality and durability, as well as
bio-pesticides, for pest management. According to Fortune Business
Insights, the ag-biologicals market was valued at $7.42 billion in
2018 and is projected to reach $20.59 billion by the end of 2026,
exhibiting a CAGR of 13.68%.
Mr. Elad Aharonson, President of Innovative Ag Solutions for
ICL, said, “ICL is committed to creating impactful solutions for
humanity’s sustainability challenges in the global food,
agriculture and industrial markets, and this collaboration with
Lavie Bio very much resonates with our sustainability goals and
values. The collaboration demonstrates ICL’s commitment to bringing
to market new, sustainable technologies for our customers. It also
provides us with a strong platform to enter the ag-biologicals
market, which we see as highly complementary to our existing
agriculture business. Following an extensive evaluation of Lavie
Bio’s technical capabilities, we enthusiastically look forward to
collaborating with them to bring much needed novel ag-biological
products to the global market.”
Mr. Ofer Haviv, President & CEO of Evogene and Chairman of
the Board of Lavie Bio, stated, “I wholeheartedly welcome Lavie
Bio's collaboration with ICL, a key global provider for the
agricultural market. Together, we have significant potential to
develop novel ag-biologicals, which are expected to allow for the
improvement of global food quality, agricultural sustainability and
productivity, especially in a time of food scarcity, high prices
and macroeconomic uncertainty. We look forward to working closely
with our new partners in bringing improved solutions to farmers
worldwide, while advancing Lavie Bio to the next stage in its
development.”
About ICL
ICL Group is a leading global specialty minerals company, which
also benefits from commodity upside. The company creates impactful
solutions for humanity's sustainability challenges in the global
food, agriculture and industrial markets. ICL leverages its unique
bromine, potash and phosphate resources, its passionate team of
talented employees, and its strong focus on R&D and
technological innovation, to drive growth across its end markets.
ICL shares are dually listed on the New York Stock Exchange and the
Tel Aviv Stock Exchange (NYSE and TASE: ICL). The company employs
more than 12,000 people worldwide, and its 2021 revenues totaled
approximately $7 billion.
For more information, visit ICL's website at www.icl-group.com.
To access ICL's interactive ESG report, please click here. You can
also learn more about ICL on Facebook, LinkedIn and Instagram.
About Evogene Ltd.
Evogene (Nasdaq: EVGN, TASE: EVGN) is a computational biology
company aiming to revolutionize the development of life-science
based products by utilizing cutting edge technologies to increase
probability of success while reducing development time and cost.
Evogene established three unique technological engines - MicroBoost
AI, ChemPass AI and GeneRator AI – leveraging Big Data and
Artificial Intelligence and incorporating deep multidisciplinary
understanding in life sciences. Each technological engine is
focused on the discovery and development of products based on one
of the following core components: microbes (MicroBoost AI), small
molecules (ChemPass AI), and genetic elements (GeneRator AI).
Evogene uses its technological engines to develop products through
subsidiaries and with strategic partners. Currently, Evogene’s main
subsidiaries utilize the technological engines to develop human
microbiome-based therapeutics by Biomica Ltd., medical cannabis
products by Canonic Ltd., ag-chemicals by AgPlenus Ltd. and
ag-biologicals by Lavie Bio Ltd.
For more information, please visit: www.evogene.com.
About Lavie Bio Ltd.
Lavie Bio, a subsidiary of Evogene Ltd., aims to improve food
quality, sustainability, and agriculture productivity through the
introduction of microbiome-based ag-biological products. Lavie Bio
utilizes a proprietary computational predictive platform,
harnessing the power of big data and advanced informatics, for the
discovery, optimization and development of bio-stimulant and
bio-pesticide products.
For more information, please visit www.lavie-bio.com.
Forward-Looking Statements
This press release contains “forward-looking statements”
relating to future events. These statements may be identified by
words such as “may,” “could,” “expects,” “intends,” “anticipates,”
“plans,” “believes,” “scheduled,” “estimates” or words of similar
meaning. For example, ICL, Lavie Bio and Evogene are using
forward-looking statements in this press release when they discuss
the potential benefits and synergies from their cooperation and the
development of bio-stimulant products. Such statements are based on
current expectations, estimates, projections and assumptions,
describe opinions about future events, involve certain risks and
uncertainties which are difficult to predict and are not guarantees
of future performance. Such statements are subject to risks and
uncertainties, and actual results may differ materially from those
expressed or implied in the forward-looking statements due to
various factors, including, but not limited to: estimates,
forecasts and statements as to management's expectations with
respect to, among other things, business and financial prospects,
financial multiples and accretion estimates, future trends, plans,
strategies, positioning, objectives and expectations, general
economic, market and business conditions, supply chain and
logistics disruptions, the potential for new COVID-19 variants,
global unrest and conflict, governmental and regulatory
requirements and actions by governmental authorities, including
changes in government policy, changes in environmental, tax and
other laws or regulations and the interpretation thereof.
Therefore, actual future results, performance or achievements of
Evogene and its subsidiaries may differ materially from what is
expressed or implied by such forward-looking statements due to a
variety of factors, many of which are beyond the control of Evogene
and its subsidiaries, including, without limitation, those risk
factors contained in Evogene’s reports filed with the applicable
securities authorities. Evogene and its subsidiaries disclaim any
obligation or commitment to update these forward-looking statements
to reflect future events or developments or changes in
expectations, estimates, projections. Furthermore, and as a result
of the foregoing, readers should not place undue reliance on the
forward‐looking statements contained in this press release
concerning the timing of the transaction, or other more specific
risks and uncertainties facing ICL, such as those set forth in the
“Risk Factors” section of its Annual Report on Form 20-F filed on
February 23, 2022, as such risk factors may be updated from time to
time in its Reports on Form 6-K and other filings ICL makes with
the U.S. Securities and Exchange Commission from time to time.
Forward-looking statements refer only to the date they are made,
and ICL and Evogene do not undertake any obligation to update them
in light of new information or future developments or to publicly
release any revisions to these statements in order to reflect later
events or circumstances or to reflect the occurrence of
unanticipated events.
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version on businesswire.com: https://www.businesswire.com/news/home/20220815005171/en/
ICL Contacts Investors: Peggy Reilly Tharp VP, Global
Investor Relations +1-314-983-7665
Peggy.ReillyTharp@icl-group.com
Media: Adi Bajayo ICL Spokesperson +972-3-6844459
Adi.Bajayo@icl-group.com
Evogene Contacts Investors: Kenny Green Global Investor
Relations +1-212-378-8040 IR@evogene.com
Media: Lital Mamon Head of Marketing and PR +972-8-931-2097
IR@evogene.com
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