Symborg acquires startup Glen Biotech
27 January 2022, US: The biotechnological company Symborg has announced the acquisition of Glen Biotech, a startup from the University of Alicante providing biocontrol solutions for agriculture. With this deal, Symborg is reinforcing its portfolio, as well as its leadership in the movement towards a more sustainable agricultural model.
Using the technology from Glen Biotech, which is centered around the fungus Beauveria bassiana 203, Symborg will develop new products that provide farmers with the biological mechanisms to control pests, in line with the European Union’s Farm to Fork Strategy. The current global market value of Beauveria bassiana, according to a recent study published by Mnemonics Research Analysis, is estimated to be around one billion dollars and is expected to grow approximately 16% annually, reaching close to 2.5 billion dollars in 2027.
Jesús Juárez, founding partner and CEO of Symborg, stated:
With the acquisition of Glen Biotech, our growth continues thanks to our commitment to innovation, incorporating technology, knowledge, and talent, which are all strategic values of Symborg. Our objective is to continue as leaders in the development of innovative and efficient solutions to increase sustainability in the agri-food chain.”
The deal arrives at the height of both Symborg’s globalization phase and growth of product range, as it is working on the development of new solutions in biocontrol, which will be added to their catalog of 100% sustainable biostimulants and biofertilizers. This market is experiencing a clear positive trend, with global data demonstrating around 15% year-over-year growth for biostimulants and biofertilizers for agriculture.
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This acquisition strengthens the growth of the company, which in 2020 was invested in by the Spain Oman Private Equity Fund (“SOPEF”) managed by MCH. Last year, Symborg also inaugurated a new hydrolysis plant. Located on an industrial site stretching almost 10 acres in Alhama de Murcia, Region of Murcia, Spain, its investment totaled 28 million euros (31.7 million dollars). The hydrolysis plant, designed in accordance with circular economy, zero waste, and energy efficiency measures, will prevent approximately 100 tons of CO2 from entering the atmosphere per year.
The transaction, whose price is undisclosed, has been overseen by Arcano Partners, who have validated the qualities and the potential of the company’s future, structuring a deal that is attractive to both parties.
Glen biotech, a spin-off from the university of alicante
The startup Glen Biotech emerged as a spin-off of the University of Alicante (Spain) in the year 2010 and is located in the Alicante Science Park. Their technology is centered around Beauveria bassiana 203, a fungus with a high potential for pest control and which plays an important role in the fight against the red palm weevil, a pest that primarily affects palm trees. In addition, the spin-off from Alicante is currently in the process of registering in Europe, the United States, and other countries in North and South America an active substance used in plant protection products to maintain healthy plants free of insects.
Regarding the acquisition, Berenice Güerri, founding partner of Glen Biotech, pointed out:
Symborg is a world leader in biotechnology, and this deal demonstrates that there is a clear commitment in the sector to innovative and more environmentally-friendly solutions. Ultimately, we are living in a moment in which the industry is listening to the consumer of agricultural products, who is demanding that the food on his table is healthier and has had a smaller environmental impact.”