Intrexon To Buy Oxitec

(RTTNews) - Intrexon Corp. (XON) said Monday that it has singed an agreement to buy Oxitec Ltd., a pioneer in biological insect control solutions.

Under the deal, Oxitec shareholders will receive about $80 million in Intrexon common stock and $80 million in cash.

Oxitec's safe, innovative, self-limiting approach to control mosquitoes that spread disease and to limit pest-related crop damage is well aligned with Intrexon's growth and investment strategies.

Utilizing advanced genetics and molecular biology, Oxitec has developed a new and innovative solution to controlling insect populations through the production of 'sterile', self-limiting insects whose offspring do not survive.

The deal is expected to close in the second half of 2015.