Calyxt Inc (NASDAQ: CLXT) has entered into a research collaboration with a food ingredient manufacturer based in Asia to develop an improved soybean to produce oil as a commercial alternative to palm oil.
As part of the research collaboration, Calyxt will receive cash payments in each of the two years of its term.
The agreement also includes a commercial option for the global food ingredient manufacturer.
Calyxt estimates potential future aggregate payments of more than $35 million over the likely term of the commercial agreement.
In addition to the potential health benefits, the company expects the targeted soybean and its oil to address sustainability challenges associated with palm oil.
Price Action: CLXT shares are trading lower by 4.62% at $3.49 on the last check Tuesday.
See more from Benzinga
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.