Tate & Lyle and BASF are set to exit the yeast fermentation company after it agreed to an all-stock acquisition by Evolva.
Food chemistry company Evolva agreed on Tuesday to acquire US-based yeast fermentation company Allylix, providing exits for chemicals and materials producer BASF and agribusiness Tate & Lyle.
Allylix will receive 46 million newly-issued shares in the all-stock transaction equal to a 14.1% stake in Evolva. Crop trader Cargill, an existing investor in Evolva, will buy a further $4m in shares to support the acquisition.
Tate & Lyle Ventures, the corporate venturing arm of Tate & Lyle, first participated in Allylix’s $3.4m series B round in 2007, subsequently investing in its $9m series C in 2010 and an $18.2m series D round in 2012 in which BASF contributed $13.5m.
Allylix had raised $32m in funding altogether, with other investors including Middleland Capital, Blue Grass Angels, Life Science Angels, Tech Coast Angels, Pasadena Angels, Commonwealth Seed Fund of Kentucky and Kentucky Commercialization Fund.
– Photo courtesy of Allylix, Inc
