Tnuva and the biotech company Floristem are establishing a joint company in the field of cultured food

Tnuva and Floristem, the listed biotech company (Nasdaq: PSTI A) Announced today (Monday) the signing of an agreement, under which the companies will establish a joint company, which will deal with cultured protein-based food . The joint company will develop a technological platform for growing cultured meat, with the possibility of expanding to the field of cultured fish and milk. Floristem, is a long-standing Haifa-based biotechnology company engaged in cell healing, and develops and manufactures cell-based drugs, extracted from the placenta after birth, based on unique patented technology for growing cells in a three-dimensional environment.

The joint venture will be based on Floristem’s unique multi-cell technology developed as part of a $ 500 million investment in Floristem, and will adapt it to the world of civilized food. It is a unique and groundbreaking technological platform that supports the development and production of a variety of cultured food products from various sources including beef, chicken, fish and milk. In the first phase, the joint company of Tnuva and Floristem will develop cultured meat products.

Floristem is currently one of the world’s most advanced companies in cell production, and this is the first time it will implement its technology in the field of podtech. Tnuva is the largest food group in Israel, which leads the milk substitutes market, and is the largest producer and pioneer of R&D in the field, for 18 years. The cooperation between Floristem and Tnuva will enable the production of the next generation of protein substitutes.

Under the agreement, Tnuva will invest $ 7.5 million in the joint venture, valued at $ 40 million before cash, with an option for continued investments of up to an additional $ 7.5 million over a period of one year. And Tnuva will provide the R&D envelope for the development of the final products to the consumer, and later the distribution and marketing system of the products that will be sold and distributed in Israel and around the world, with Tnuva being the sole distributor of the products in Israel. According to estimates, the product will have technological feasibility (POC in 2022, and the first raw product based on cultured meat will be launched as early as 2023.

Yaki Yanai, President and CEO “To Floristem: ” The joint venture reflects the global changes and challenges that humanity has experienced and meets the need to provide sustainable technology-based solutions. We believe that the strategic partnership with a leading company like Tnuva will combine our innovative technology platform with the proven track record. Of Tnuva in creating leading food brands, and together we will translate the promise of cultured meat into reality for consumers. Continued growth and development of our core business in the development of cellular drugs “.

Haim Gavrieli, Chairman of the Board Tnuva Group : “The establishment of the joint venture is part of the realization of Tnuva’s strategy and vision, to lead the field of protein substitutes in Israel, and to expand in the field at the global level. We are a member of Floristem, because it is one of the Companies that are currently the most advanced in the world in cell production, and we expect that the cooperation between the companies will revolutionize the field of cultured food and the next generation of protein substitutes. The company will continue to seek investments in partnerships and investments around the world in the field of substitutes, especially in milk substitutes, as part of the Tnuva Group’s IPO plans. “

Zami Aberman, Chairman of Floristem: “These are two leading companies in their field, each of which has proven experience and tremendous power in their areas of activity, whose partnership can create a better future in the food sector. The collaboration with Tnuva supports Floristem’s strategy to establish partnerships that leverage the cell-based technology platform In parallel with the expansion of operations to the joint venture with the Tnuva Group, the company is committed to its core activity of developing and promoting products in the field of cellular healing. “

Eyal Melis, CEO To the Tnuva Group : “As the largest food group in Israel, we are also a leader in the field of alternative protein and we were the pioneers in this field 18 years ago. Tnuva also leads the field of food research in Israel and even exports knowledge to the global market. This year, for the first time in Israel, we signed a knowledge sharing agreement with Migros, the Swiss food giant, for the production of milk substitutes. Just as Tnuva made accessible the field of alternative protein in every home in Israel, so we intend to bring the good news of civilized food to everyone and on every plate. These are two leading companies in their field, each of which has proven experience and tremendous power in their fields of activity, whose partnership can create a better future in the field of food. “

Melis added that” protein substitutes are A significant growth engine for the Israeli economy as well, with the synergy between Tnuva’s well-established R&D capabilities alongside the advanced production systems and extensive experience in building brands in the food market, together with Floristem’s impressive research and technology capabilities to enable the joint company to break through In general and cultured food in particular. “

The substitute meat market is one of the fastest growing in the world, and according to forecasts, the world is expected to reach $ 140 billion by 2030. Cultured meat products require high quality cells, in mass production And at competitive costs. Floristem has the ability to design and develop technologies and processes for the production of cells in commercial quantities, based on a unique three-dimensional (3D) platform that simulates the natural environment of the cell and allows it to multiply. Floristem’s patented technology enables mass production of cells economically and consistently. Floristem has extensive experience in the development and production of pharmaceutical products under the FDA EMA guidelines of the Israeli Ministry of Health and cGMP, knowledge that is an advantage in product development in other areas as well.

Tnuva is a partner in establishing advanced podtech platforms in Israel. , Including, ‘ FRESH START’, An innovative food tech incubator in Kiryat Shmona, which is a significant part From the ecosystem in the north to start-ups in the field of food. The incubator, which was established in collaboration with the Innovation Authority, Tempo Beverage Company, our investment platform Our Crowd and the American investment fund Finistere, specializes in locating and accompanying groundbreaking Israeli food technology. Tnuva is a partner in the development of the field of cultured meat and Thai agriculture in Israel, through a new R&D association in collaboration with the Israeli Innovation Authority, as well as veteran start-ups in the field of cultured meat, food companies, and researchers from academia in Israel.

More on the subject on the Knowledge website:

• Science of Milk

Floristem’s stem cell technology has been selected as one of the most important future innovations in Israel and will be presented at the Presidential Conference Is it worth replacing politicians with artificial intelligence?

• B-Yo Honey was able to express a cultured royal protein protein Honey injection prevents infections in horses

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