ToolGen, a Kosdaq-listed gene editing company, said it has agreed to transfer its gene editing technology CRISPR-Cas9 to Nulla Bio, a crop genetic editing company.
The cost for the technology transfer was not disclosed as per the agreement between the two companies.
Through this agreement, Nulla Bio will obtain the right to use CRISPR-Cas9 technology to develop, produce, license, and sell functional crops and ToolGen will obtain royalty revenue.
ToolGen exclusively owns the original CRISPR-Cas9 patent in Korea. Consequently, companies seeking to utilize CRISPR-Cas9 technology are required to undergo a technology transfer process facilitated by ToolGen.
Nulla Bio is a gene editing crop development company founded in March 2022 by Kim Jae-yean, Professor of the College of Life Sciences at Gyeongsang National University.
Nulla Bio has secured gene editing technology that can modify its genome code and is creating a diverse product portfolio such as climate change response and health-functional tomatoes and hemp based on its breeding platform technology.
In addition to the technology transfer agreement, ToolGen and Nulla Bio have agreed to exchange both companies' research achievements.
"The urgent requirement is for genetically driven breeding to evolve into a mainstream technology, addressing climate change challenges and ensuring sustainable agriculture for the future," said Kim Jae-yean, CEO of Nulla Bio. "Nulla Bio, which has secured global competitiveness in more advanced next-generation crop genetic breeding technology, aspires to become an innovator in the agri-bio industry and a leader in creating new industries through the development of new value."
Lee Byong-hwa, CEO of ToolGen, said the technology transfer of the CRISPR-Cas9 platform will strengthen its mutual business capabilities, supporting the global growth of domestic agri-biotech startups.
"We look forward to creating synergies in the global market development of the agri-biotech seed industry and related downstream business products through cooperation between the two companies after the technology transfer."