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Burcon NutraScience Updates on Process to Acquire Merit Functional Foods' Assets
Thursday, April 13, 2023Company Profile | Follow Company
Vancouver, BC, April 13, 2023--(T-Net)--Burcon NutraScience Corporation (TSX: BU), a global technology leader in the development of plant-based proteins for foods and beverages, today announced that it continues to be engaged in the due diligence process to acquire the assets of Merit Functional Foods.
Burcon has been in discussions with the appointed receiver, PricewaterhouseCoopers Inc, LIT., about the sales process since Merit was placed into receivership on March 1, 2023.
According to the sales process summary document filed by the Receiver on March 27th, qualified offers are to be submitted to the Receiver on or before April 21st with the Receiver determining the accepted offer by April 28th.
A finalized definitive agreement with the accepted bidder is expected to be executed on or before May 12th and court approval obtained by May 26th.
Burcon says it continues to conduct due diligence and is furthering its efforts to put forth a compelling bid to the Receiver.
As Burcon expects there to be other competing bids, there is no assurance that Burcon's bid will be accepted by the Receiver. The Company expects to provide further communications to shareholders when there is a material development with respect to Merit's sales process.
Parallel to capitalizing on this Merit opportunity, Burcon says it continues to execute on its three strategic themes:
Burcon's ongoing partnership discussions continue to progress with its strategic themes in mind. Relative to new markets, Burcon says it has recently completed commercial validation runs of its next generation plant protein innovation. This is a crucial milestone to opening new market opportunities and increasing Burcon's relevance to a more expansive prospective partner list.
The next steps are to evaluate routes to market, including through Merit's assets, contract manufacturing and/or partnerships. Moreover, Burcon has completed a thorough review of its intellectual property ("IP") portfolio to validate its relevance to today's market and optimize its IP investment without sacrificing protection. Further, the review enabled Burcon to identify new market opportunities across the growing food ecosystem. The Company expects to provide more details as it executes on these initiatives.
Burcon says it benefits from a growing consumer market that continues to be driven by a shift towards plant-based eating. Consumers are seeking more-than-ever food and beverage products that are better-for-you and better-for-the-planet. On top of a growing market, investments into the food and agtech space, particularly in the past five years, have created a vibrant food ecosystem offering expansive partnering opportunities. Burcon believes that it is uniquely positioned to capitalize on the next wave of plant-based growth.
About Burcon NutraScience Corporation
Burcon is a global technology leader in the development of plant-based proteins for foods and beverages. Our proteins exhibit superior functionality, taste and nutrition, making them ideal ingredients for food formulators. With over two decades of experience, Burcon has amassed an extensive patent portfolio covering its novel plant-based proteins derived from pea, canola, soy, hemp and sunflower seeds, among other plant sources. Burcon is striving to become a vertically integrated provider of specialty plant-based protein solutions that deliver on health, nutrition and sustainability. Supporting the growing trend towards a plant-based diet, Burcon is developing premium protein ingredients that we believe are better for you and better for the planet.
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Burcon NutraScience Corporation
Vancouver (Biotech/Life Sciences)
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