Australian seed developer Abundant Produce has aligned itself with a major international distributor.
The multi-decade deal covers the global commercialisation of Abundant’s existing varieties, along with the co-development of new varieties.
In a statement released via the Australian Securities Exchange (ASX), the listed company said the precise terms of the deal were ‘commercial in confidence’ and therefore could not be revealed. This includes the name of the other party involved in the agreement.
Abundant Produce chief executive Tony Crimmins said the new partner had well established distribution channels in over 100 countries.
“This is a major milestone for Abundant,” Crimmins explained. “Initially the agreement commercialises six years of investment of time, money and expertise that took place largely prior to our initial public offering.
“It does more than that though – it provides an open door for the pipeline of projects currently in different stages of research and development.”
Abundant Produce’s portfolio currently includes numerous varieties of cucumbers in the commercialisation phase, tomatoes entering commercialisation, and eggplant, capsicum and zucchini in advanced stages of research and development.
Under the agreement, hybrid plants will also be created, combining the intellectual property of the two companies.
“I see this as the beginning of a long-term partnership to bring our existing plant IP in cucumbers and tomatoes to the global market place, and to accelerate the development and commercialisation of other plants as they become ready,” Crimmins added.