Seneca portfolio company Redag Crop Protection has agreed the sale with Globachem NV.
The partial sale will allow the Macclesfield company to focus on the development of two lead assets; a broad spectrum herbicide and a potato blight fungicide with a view to licensing them once further ﬁeld trials have been created.
Bill Thompson, chief executive of Redag Crop Protection, said: “Following a period of success since we started up in 2014 in discovering active compounds, protecting the lP and securing collaboration deals, this part sale enables us to accelerate development of our two lead assets to address the global challenge of food security.
“Right across the industry there is a strategic need for new compounds to replace the older compounds.”
Koen Quaghebeur, president of Globachem, added: “Having been introduced to Redag Crop Protection, we identified an opportunity to bring their significant expertise in-house. This will enable Globachem to become an innovative global player in crop protection chemistry and provide us with a valuable end-to-end development and supply business.”
Norman Molyneux, founder of Wigan-headquartered Acceleris Capital and non-executive director of Redag Crop, has been involved in several funding rounds for the company since incorporation.
“There is a clear product innovation requirement within the agrochemical industry and a ready base of customers seeking novel compounds to commercialise in the market,” he said. “We are proud to have assisted in the growth of Redag from startup and look forward to securing further returns for the Company’s shareholders from its retained assets.”
Redag was advised by Acceleris (corporate finance), Slater Heelis (legal) and Fairhurst (tax advice and financial and tax due diligence).