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Investing.com -- Ginkgo Bioworks Holdings (NYSE:DNA) stock surged 8.5% on news that the company has extended its multi-year strategic partnership with Bayer to advance research and development of biological products for agriculture.
The partnership, which began in 2017, will continue to focus on developing innovative microbial nitrogen fixation technologies. Under the agreement, Bayer retains commercialization rights for the resulting biological products, which are intended to complement synthetic fertilizers.
Bayer remains a major partner for Ginkgo’s expanded agricultural biologicals platform, which includes the company’s Agriculture Biologicals Research & Development site in West Sacramento. The collaboration spans biological crop protection, nitrogen fixation, and carbon sequestration to identify technologies that provide benefits to farmers.
"The future will bring increasingly severe challenges for farmers, and we will best meet these challenges together with leading innovators from around the world through the open innovation ecosystem," said Dr. Mike Graham, Head of R&D at Bayer’s Crop Science Division.
Ginkgo’s agricultural business strategy involves developing biological solutions across various crops and geographies through platform technologies. The company will continue working independently with different partners in the discovery and optimization of biological products for agriculture.
"Ginkgo is committed to the power of advanced biological tools to deliver innovative products for growers at the forefront of food production and food security worldwide," said Michael Miille, General Manager of Ginkgo’s Agriculture Business Unit.
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