This article was first published by The Times of Israel and is re-posted with permission.
Israeli food giant Tnuva is setting its sights on the growing cultured meat market with its own startup that will develop lab-grown beef in partnership with biotech firm Pluristem Therapeutics, a Haifa-based cell therapy company traded on the Nasdaq.
Tnuva and Pluristem announced the venture, through which they will develop, market, and commercialize lab-grown meat by 2023, on Monday. Their joint startup, with the working title NewCo, will receive licensing rights to use Pluristem’s proprietary technology, intellectual property, and know-how for cultured meat.
Pluristem will operate the company’s R&D activities while Tnuva will invest an initial $7.5 million, according to the announcement, and will receive first rights to any developed products in Israel.
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