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 Inc. will purchase the commercial and genetic assets of Industrial Seed Innovations, including its seed varieties, germplasm library and intellectual property.
According to the deal, three ISI hemp seed varieties – Rogue, Deschutes and Umpqua – will be added to Arcadia Biosciences’ variety list and accelerate the company’s hemp breeding platform and seed-production capabilities.
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.