Intrexon buys cattle breeding genetics firm

|About: Intrexon Corp (XON)|By:, SA News Editor

Intrexon (XON +2.5%) enters into a definitive agreement to acquire Trans Ova Genetics, a provider of genetic cattle breeding services. The acquisition will broaden XON's reach in animal health and productivity.

Under the terms of the agreement, Trans Ova shareholders will receive $60M in upfront cash, $30M in XON common stock and deferred payments of up to $20M. Trans Ova delivered net income of $~4.9M on revenues of $63.3M in 2013.

Intrexon expects the transaction to close in Q3.