Pluristem Therapeutics is an Israeli company operating as a biotech company. Over the past week, the company’s stock market chart was unstable by slightly oscillating. Today, the price is steadily gaining to $1.6400 from its previous close of $1.4700 in a 12% profit. Despite this, the company made a key announcement with Tnuva Group, Israel’s largest food producer. Tnuva Group, founded 96 years ago, with annual revenues of over $2 billion. The innovative cooperation aims to develop or commercialize products based on cultured cells for the food industry.
Pluristem’s intellectual technology will be licensed to a new business (NewCo) that will get comprehensive, worldwide, royalty-bearing licensing rights. According to the agreement, Tnuva will also give a research and development platform for consumer product development and the first look at any NewCo items made in Israel. Tnuva will invest $7.5 million in the joint venture, which will have a pre-money value of $40 million, possibly investing an additional $7.5 million within the following year. At the same time, Pluristem will support NewCo’s creation, research, and development activities by the service agreement. Besides, it should be noted that the new company NewCo plans to present its technological proof of concept in 2022 to launch its first raw cultured meat product in 2023, respectively.