Origin Agritech (NASDAQ: SEED) shares are up 9% after the company said it has received the first payment of RMB 152 million from its RMB 421 million sale of its proprietary China-based commercial corn seed production and distribution business. Per the agreement, Origin will preserve its corn breeding and biotech research programs; all intellectual properties; GM trait portfolio and modern laboratories; extensive field testing networks; and off-season winter nursery in Hainan. The company will also uphold its “Green Pass” status, which grants the company the advantage of introducing new hybrid varieties to the Chinese market through an expedited government approval process. “The proceeds significantly accelerate and expand our capabilities to develop and deliver corn biotechnology traits and corn product licensing business within China and around the globe,” Origin CEO Dr. Bill Niebur stated in the news release.
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About Origin Agritech Ltd.
Origin Agritech Limited, founded in 1997 and headquartered in Zhong-Guan-Cun (ZGC) Life Science Park in Beijing, is an agricultural biotechnology company, specializing in crop seed breeding and genetic improvement, seed production, processing, distribution, and related technical services. Origin Agritech’s phytase corn was the first transgenic corn to receive the Bio-Safety Certificate from China’s Ministry of Agriculture. Over the years, Origin has established a robust biotechnology seed pipeline including products with glyphosate tolerance and pest resistance (Bt) traits. Origin operates production centers, processing centers and breeding stations nationwide with sales centers located in key crop-planting regions. Product lines are vertically integrated for corn, rice and canola seeds. For further information, please visit the company’s website at: http://www.originseed.com.cn or http://www.originseed.com.cn/en/
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