Symborg, from Spain, buys biocontrol company based on Beauveria bassiana

La firma española Symborg anunció la adquisición de Glen Biotech, un emprendimiento desarrollado en la Universidad de Alicante y que provee soluciones de biocontrol a partir del hongo Beauveria bassiana 203. With this acquisition, Symborg will develop new products to deliver to farmers with biological mechanisms to control pests, in line with the European legislation known as “farm to fork”. 

The company notes that the current global market value of Beauveria bassiana, according to a recent study published by Mnemonics Research Analysis, is estimated at around $1 billion and is expected to grow by approximately 16% annually, reaching about US$2.5 billion in 2027.

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.

This acquisition strengthens the growth of the company, which was invested in by the Fondo Spain Omán, managed by MCH, in 2020. Last year, Symborg also inaugurated a new hydrolysis plant. Located on an industrial site stretching almost 10 acres in Alhama de Murcia in Spain’s Region of Murcia, 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.

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.

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