Israeli food conglomerate Tnuva and Israeli stem cell company Pluristem Therapeutics (Nasdaq: PSTI; TASE: PSTI) announced this morning that they have set up a joint venture to develop, manufacture and commercialize cultured cell-based products for the food industry. The companies will initially focus on developing a platform for cultured meat, with the option of expanding to cultured fish and dairy. The new company aims to have its first products on the shelves in 2023.
Tnuva will invest $7.5 million in the joint venture, which will have a company valuation of $40 million, before money, with an option to invest a further $7.5 million within the next year.
Pluristem CEO and president Yaky Yanay said, "Over the years, Pluristem has developed one of the most advanced cell manufacturing platforms. During the last year, we made our strategy more precise, with the goal of leveraging our technology and expertise through partnerships and collaborations. Today, we are proud to join forces with a market leader, Tnuva Group, as they bring 96 years of experience in consumer food brands and innovation to the table. We believe that Tnuva’s and Pluristem’s vast experience will support fast and effective development of large-scale cultured meat products, relying on our existing infrastructures and talented teams. This collaboration is the first showcase of Pluristem’s intention to expand its business to verticals that need superior cell expansion proprietary technologies."
Tnuva CEO Eyal Malis added, "Tnuva Group has decades of experience developing and marketing innovative products for the Israeli market. Tnuva leads the alternative protein market in Israel and has recently taken its expertise globally. Just as Tnuva made the field of alternative proteins accessible to every Israeli home, we intend to make cultured food products available to all. The collaboration between two proven pioneers in their fields, each of which with proven experience and tremendous abilities, can create a better future for the food industry."
Published by Globes, Israel business news - en.globes.co.il - on January 10, 2022.
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