Calyxt Seeks To Develop Palm Oil Alternative

·1 min read
  • 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 does not provide investment advice. All rights reserved.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting