LONDON: Agronomics (LSE: ANIC) has announced the acquisition of its portfolio company, Shiok Meats, by UMAMI Bioworks Pte. Ltd. The deal, structured as a share-for-share exchange, marks a significant step towards the scalable production of sustainable seafood.
UMAMI Bioworks, a Singapore-based trailblazer in cultivated seafood, employs cutting-edge stem cell technology, machine learning, and automation in its production processes. The merger with Shiok Meats, a leader in crustacean cell cultivation research, is expected to create a powerhouse in the cellular agriculture space.
The combined entity, operating from Singapore, is set to benefit from enhanced market efficiencies, broader commercial opportunities, and expedited regulatory and market introductions for their products.
Agronomics, which had previously written down its investment in Shiok Meats, now boasts a 0.71% equity ownership in UMAMI Bioworks. This stake, subject to audit, is valued at a book value of £0.378 million.
UMAMI Bioworks is at the forefront of revolutionizing seafood production, offering a sustainable alternative to traditional fishing methods that often endanger marine life. Its mission aligns with global efforts to protect endangered, threatened, and protected species by providing consumers with access to safe, nutritious, and culturally significant seafood without the environmental toll.
Shiok Meats, now under the UMAMI Bioworks umbrella, continues its mission to deliver high-quality, sustainable, and healthy seafood alternatives. As a pioneer in the region, Shiok Meats has made significant strides in cellular agriculture, raising substantial funding and leading research in the cultivation of crustaceans.
This merger represents a bold move in the food technology sector, promising a future where seafood is not only caught but also thoughtfully cultivated.
Cultivated meat company, Agronomics sells its holding in Oritain Global