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Intrexon becomes Precigen

Company refocusing on health care sector and will retain TransOva Genetics.

Intrexon Corp., a leader in the engineering and industrialization of biology to improve the quality of life and health of the planet, announced Jan. 2 that it will refocus the company on health care, is changing its name to Precigen Inc. and, effective immediately, has appointed Dr. Helen Sabzevari as president and chief executive officer.

According to the announcement, the new Precigen will encompass Intrexon's wholly owned health care subsidiaries Precigen, ActoBio Therapeutics, Exemplar Genetics, plus its majority ownership interest in Triple-Gene, as well as equity and royalty interests in therapeutics and therapeutic platforms from companies not controlled by Intrexon. Randal J. Kirk has been appointed executive chairman.

Additionally, Intrexon has executed binding agreements to sell its smaller non-health care businesses for $65.2 million plus certain contingent payment rights and entered into an agreement to sell $35 million of its common stock.

Intrexon said two non-health care businesses will remain with the company: the industry-leading methane bioconversion business MBP Titan LLC, and the established bovine genetics company Trans Ova Genetics. The company noted that it will continue to "evaluate strategic and operational options for these businesses."

Non-health care assets

Intrexon said it signed definitive agreements to sell certain of its other non-health care assets to Third Security LLC -- a venture capital firm led by Kirk that invests in high-growth, technology-driven businesses -- for $53 million in cash plus the contingent right to receive certain additional amounts that Third Security may earn from these assets after closing.

Under the terms of that agreement, Third Security will purchase the Ag Biotech Division, Intrexon Laboratories Hungary, Intrexon Produce Holdings Inc. (owner of Okanagan Specialty Fruits), Intrexon UK Holdings Inc. (owner of Oxitec Ltd.), Intrexon's nominal equity interests in Oragenics and Surterra and the internet domain name DNA.com.

The transactions with Third Security are expected to close on Jan. 31, pending the expiration of a go-shop period during which Intrexon will continue to market these assets to third parties, the announcement said.

Intrexon recently sold its interest in EnviroFlight LLC to Darling Ingredients Inc. for $12.2 million in cash.

Intrexon consisted of two operating units: Intrexon Health and Intrexon Bioengineering. Intrexon Health focuses on addressing unmet medical needs through a diverse spectrum of therapeutic modalities, including gene and cell therapies, microbial bioproduction and regenerative medicine. Intrexon Bioengineering addresses global challenges across food, agriculture, environmental, energy and industrial fields by advancing biologically engineered solutions to improve sustainability and efficiency.

TAGS: Business
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