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Penticton  

Arctic Apple sold for $41M

Just two weeks after the Summerland Arctic Apple was approved for sale in the USA, the company has sold for $41 million. 

After a long battle, Summerland's own Okanagan Specialty Fruits (OSF), pioneer of the non-browning Arctic Golden and Arctic Granny apples, was over the moon its apples had been approved for sale across the border.

“The commercial approval of Arctic apples, our company’s flagship product, is the biggest milestone yet for us, and we can’t wait until they’re available for consumers,” said Neal Carter at that time, president and founder of OSF. “It is truly enormous, it allows us to come out of a holding pattern we have been in waiting for approval.”

Now, just two weeks later, the company has been taken over by Intrexon Corporation, that calls itself a leader in synthetic biology.

The company announced Friday that it had entered into an agreement to acquire OSF. Through acquisition it hopes to expand its food programs to include trees yielding fruit that is more ‘appetizing and convenient for consumers’.

“We are committed to bringing better versions of consumers’ favourite fruits to their grocery stores and kitchens, while addressing additional novel traits in tree fruits that reduce waste and address supply chain challenges,” said Carter on Friday.

“Joining forces with Intrexon and applying our combined technical know-how is an important step to introducing beneficial products for consumers and growers.”

Intrexon says that marrying the art of fruit breeding with cutting-edge science results in exciting new products that can benefit consumers and producers alike.

“Okanagan is a world leader in the development of fruit-bearing plants to express enhanced, advantageous traits with tremendous potential to revolutionize the tree fruit industry,” says Thomas R. Kasser, Ph.D., Senior Vice President and Head of Intrexon’s Food Sector. 

“Through this acquisition, we can deliver more accessible and affordable choices of high-quality foods for an ever-growing population.  We are extremely pleased that Neal Carter will remain with the company providing both the creative spirit and deep understanding of the tree fruit business that will assure continued future success in this expanding business opportunity.”

For the deal, Okanagan Specialty Fruits stockholders will receive $31 million in Intrexon common stock and $10 million in upfront cash.  

As it currently stands, the Arctic Apple can not be sold in Canada. 



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