A Davis, California-based agricultural biotech company has entered a binding agreement to acquire a hemp breeding and seed company based in Oregon.
Arcadia Biosciences will purchase the commercial and genetic assets of Industrial Seed Innovations, including its seed varieties, germplasm library and intellectual property.
The transaction also establishes a new breeding research and development facility in the Pacific Northwest for Arcadia Biosciences.
“Industrial Seed Innovations brings tremendous talent, an impressive intellectual property and genetics portfolio and a solid and synergistic customer base to Arcadia,” said Matthew Plavan, Arcadia’s president and CEO.
The acquisition is expected to close in the third quarter of 2020. Financial details were not disclosed.
Arcadia Biosciences trades on the Nasdaq as RKDA.