Maryland biopharma company Precigen Inc. said Tuesday it reached a deal to sell animal reproductive technologies company Trans Ova Genetics LC to URUS Group LP, an agriculture holding company based in Madison, for $170 million in cash.
The deal also includes up to $10 million in performance-based earnouts if Trans Ova achieves certain benchmarks in 2022 and 2023. The transaction is expected to close in the third quarter.
Helen Sabzevari, president and CEO of Germantown, Maryland-based Precigen (Nasdaq: PGEN), said in a statement the deal was made to commit more of the company’s focus to the “rapid development of our top clinical assets” in the cell and gene therapy space.
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