NEW YORK (TheStreet) -- Intrexon
(XON - Get Report) shares are up 2% to $25.18 on Wednesday after the company announced that it acquired Trans Ova Genetics for $60 million in cash, $30 million in Intrexon common stock and deferred payments of up to $20 million.
Trans Ova Genetics is the industry-leading provider of bovine reproductive technologies. Intrexon noted that the Food and Agricultural Organization of the United Nations (FAO) estimates that the demand for animal protein is set to double by 2040.
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