Intrexon buys cattle breeding genetics firm

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.

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