Germantown, Md-based IntrexonCorporation (NYSE: XON) continues to fuel its growth by buying viable biotechnology companies. This time the bioindustrial focused company has entered an agreement to purchase Oxitec, a spin off from Oxford University in the United Kingdom, founded in 2002.
Oxitec uses genetic engineering to control insect pests and protect crops. The technonolgy is particulary focused on control the mosquitoes and the diseases they spread.
The purchase is in sync with Intrexon's goal to continue to develop bioindustrial products that range in use for human consumption to health and beauty.
Oxitec stockholders will receive $80 million in cash and $80 million worth of Intrexon common stock, making the purchase a value of $160 million. The transaction is expected to close in late 2015.
Intrexon stock is already up nearly five percent in pre-market trading. The company has a market cap of approximately $6.50 billion.