Ceres, Inc.

Last updated
Ceres, Inc.
Type Public
(Acquired by Land O'Lakes)
Nasdaq:  CERE
Industry Biotechnology
Founded1996
Headquarters
Thousand Oaks, California
,
United States
Key people
Richard Hamilton (President and CEO)
ProductsSeeds of energy crops
Subsidiaries Ceres Sementes do Brasil
Website ceres.net

Ceres, Inc. was a biotechnology company based in Thousand Oaks, California, United States that operated from 1996 to 2016, when it was acquired by Land O'Lakes. The company was a spinoff from UCLA researchers. Its ultimate commercial products were seeds of genetically modified crops used for biofuel production. [1] [2] In addition to its operations in the United States, Ceres had a subsidiary in Brazil called Ceres Sementes do Brasil. [3]

Contents

History

The company was founded in 1996 by UCLA professor Bob Goldberg and corporate partners with an initial capital of $50 million and an off-campus laboratory site overlooking Malibu, CA. [4] In 2002, the company signed a $137 million licensing agreement with Monsanto for their technology. [5]

Richard Flavell was Chief Scientific Officer from 1998 until the 2012 public offering. [6] From its 2012 initial public offering that raised $65 million until its acquisition, it was listed on the NASDAQ exchange. [7] [1] [8] In 2012, the largest shareholders were Artal Luxembourg, Warburg Pincus, Ambergate Trust, and Oxford Bioscience, while biotechnology company Monsanto had 4.8% stake. [1] The company's president and CEO was Richard Hamilton. [9]

A second public offering in 2014 raised an additional $20 million [6] at $1 per share compared to the 2012 IPO at $13.

On June 21, 2016, Ceres was acquired by Land O'Lakes for $17.2 million. [10]

Products and research

A major early (2000) accomplishment was the development of an expression library for Arabidopsis in collaboration with Keygene NV. [11] In 2006, Ceres began a collaboration with the Noble Research Institute to develop switchgrass [12] Ceres sold sweet sorghum, switchgrass and high biomass sorghum seeds, [1] starting in 2009. [13] It tested biofuel production from switchgrass and miscanthus. [8] In 2010, Ceres started to cooperate with Novozymes to improve the enzyme cocktails for biorefinery switchgrass and sweet sorghum. [14] USAID funded Ceres' research on biotech traits and trait stacks in rice for Asia. [15]

Related Research Articles

The Monsanto Company was an American agrochemical and agricultural biotechnology corporation founded in 1901 and headquartered in Creve Coeur, Missouri. Monsanto's best known product is Roundup, a glyphosate-based herbicide, developed in the 1970s. Later, the company became a major producer of genetically engineered crops. In 2018, the company ranked 199th on the Fortune 500 of the largest United States corporations by revenue.

<i>Panicum virgatum</i> Species of plant

Panicum virgatum, commonly known as switchgrass, is a perennial warm season bunchgrass native to North America, where it occurs naturally from 55°N latitude in Canada southwards into the United States and Mexico. Switchgrass is one of the dominant species of the central North American tallgrass prairie and can be found in remnant prairies, in native grass pastures, and naturalized along roadsides. It is used primarily for soil conservation, forage production, game cover, as an ornamental grass, in phytoremediation projects, fiber, electricity, heat production, for biosequestration of atmospheric carbon dioxide, and more recently as a biomass crop for ethanol and butanol.

<span class="mw-page-title-main">Sweet sorghum</span>

Sweet sorghum is any of the many varieties of the sorghum grass whose stalks have a high sugar content. Sweet sorghum thrives better under drier and warmer conditions than many other crops and is grown primarily for forage, silage, and syrup production.

Cellulosic ethanol is ethanol produced from cellulose rather than from the plant's seeds or fruit. It can be produced from grasses, wood, algae, or other plants. It is generally discussed for use as a biofuel. The carbon dioxide that plants absorb as they grow offsets some of the carbon dioxide emitted when ethanol made from them is burned, so cellulosic ethanol fuel has the potential to have a lower carbon footprint than fossil fuels.

<span class="mw-page-title-main">Genetically modified crops</span> Plants used in agriculture

Genetically modified crops are plants used in agriculture, the DNA of which has been modified using genetic engineering methods. Plant genomes can be engineered by physical methods or by use of Agrobacterium for the delivery of sequences hosted in T-DNA binary vectors. In most cases, the aim is to introduce a new trait to the plant which does not occur naturally in the species. Examples in food crops include resistance to certain pests, diseases, environmental conditions, reduction of spoilage, resistance to chemical treatments, or improving the nutrient profile of the crop. Examples in non-food crops include production of pharmaceutical agents, biofuels, and other industrially useful goods, as well as for bioremediation.

<span class="mw-page-title-main">Syngenta</span> Global provider of agricultural science and technology

Syngenta AG is a provider of agricultural science and technology, in particular seeds and pesticides with its management headquarters in Basel, Switzerland. It is owned by ChemChina, a Chinese state-owned enterprise.

<span class="mw-page-title-main">Pioneer Hi Bred International</span> American producer of hybrid seeds for agriculture

Pioneer Hi-Bred International, Inc. is a U.S.-based producer of seeds for agriculture. They are a major producer of genetically modified organisms (GMOs), including genetically modified crops with insect and herbicide resistance.

The United States produces mainly biodiesel and ethanol fuel, which uses corn as the main feedstock. The US is the world's largest producer of ethanol, having produced nearly 16 billion gallons in 2017 alone. The United States, together with Brazil accounted for 85 percent of all ethanol production, with total world production of 27.05 billion gallons. Biodiesel is commercially available in most oilseed-producing states. As of 2005, it was somewhat more expensive than fossil diesel, though it is still commonly produced in relatively small quantities.

<i>Sorghum bicolor</i> Species of plant

Sorghum bicolor, commonly called sorghum and also known as great millet, broomcorn, guinea corn, durra, imphee, jowar, or milo, is a grass species cultivated for its grain, which is used for food for humans, animal feed, and ethanol production. Sorghum originated in Africa, and is now cultivated widely in tropical and subtropical regions. Sorghum is the world's fifth-most important cereal crop after rice, wheat, maize, and barley, with 59.34 metric tons of annual global production in 2018. S. bicolor is typically an annual, but some cultivars are perennial. It grows in clumps that may reach over 4 metres (13 ft) high. The grain is small, ranging from 2 to 4 millimetres in diameter. Sweet sorghums are sorghum cultivars that are primarily grown for forage, syrup production, and ethanol; they are taller than those grown for grain.

Devgen is a Belgium-based multinational agricultural biotechnology company. It uses biotechnology and molecular breeding technologies to develop varieties of food crops. Its technology is marketed by outlicensing or selling seeds in India and South-East Asia. Devgen also develops nematicides.

Biofuel is fuel that is produced from organic matter (biomass), including plant materials and animal waste. It is considered a renewable source of energy that can assist in reducing carbon emissions. The two main types of biofuel currently being produced in Australia are biodiesel and bioethanol, used as replacements for diesel and petrol (gasoline) respectively. As of 2017 Australia is a relatively small producer of biofuels, accounting for 0.2% of world bioethanol production and 0.1% of world biodiesel production.

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The International Service for the Acquisition of Agri-biotech Applications (ISAAA) is a non-profit international organization that shares agricultural biotechnology, focusing on genetic engineering.

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<span class="mw-page-title-main">Sustainable biofuel</span> Non-fossil-based sustainable production

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<span class="mw-page-title-main">SmartStax</span> Seeds protected against bugs, weeds

SmartStax is a brand of genetically modified seed made through a collaboration between Monsanto Company and Dow Chemical Company. It takes advantage of multiple modes of insect protection and herbicide tolerance. SmartStax takes advantage of Yieldgard VT Triple (Monsanto), Herculex Xtra (Dow), RoundUp Ready 2 (Monsanto), and Liberty Link (Dow). The traits included protect against above-ground insects, below-ground insects, and provide broad herbicide tolerance. It is currently available for corn, but cotton, soybean, and specialty crop variations are to be released. Previously, the most genes artificially added to a single plant was three, but Smartstax includes eight. Smartstax also incorporates Monsanto's Acceleron Seed Treatment System which protects against insects at the earliest stages of development. Smartstax is sold under the Genuity (Monsanto) and Mycogen (Dow) brands.

BASF Plant Science is a subsidiary of BASF in which all plant biotechnology activities are consolidated. The company was founded in 1998 and employs approximately 700 people at 6 different locations worldwide. The headquarters of BASF Plant Science is located in Research Triangle Park and has research sites in the US, Canada, and Europe. The company mainly develops genetically modified seeds at these locations.

Yield10 Bioscience is a company developing new technologies to achieve improvements in crop yield to enhance global food security.

Alnylam Pharmaceuticals, Inc. is an American biopharmaceutical company focused on the discovery, development and commercialization of RNA interference (RNAi) therapeutics for genetically defined diseases. The company was founded in 2002 and is headquartered in Cambridge, Massachusetts. In 2016, Forbes included the company on its "100 Most Innovative Growth Companies" list.

Monsanto was involved in several high-profile lawsuits, as both plaintiff and defendant. It had been defendant in a number of lawsuits over health and environmental issues related to its products. Monsanto also made frequent use of the courts to defend its patents, particularly in the area of agricultural biotechnology.

Maharashtra Hybrid Seeds Co. (Mahyco) is an agricultural company based in India. It is one of the country's major producers of seed. As of 2015, the company was also active in Vietnam, Indonesia, Philippines and Bangladesh, and planned expansion to Africa. The company produces seeds for cotton, wheat, rice, sorghum, pearl millet, maize oilseeds and vegetables crops. Through a joint venture with Monsanto named Mahyco Monsanto Biotech, Mahyco sublicenses Bt cotton technology in India. The Indian government has maintained price controls on Bt cotton seeds since at least 2011.

References

  1. 1 2 3 4 Herndon, Andrew (2012-02-22). "Ceres Rises on First Trading Day for Biofuels Crop Company". Bloomberg . Retrieved 2013-04-26.
  2. ↑ Shah, Aman (2012-01-25). "Ceres Inc sees IPO priced at $21-$23/share". Reuters . Archived from the original on 2012-01-26. Retrieved 2013-04-26.
  3. ↑ "Ceres to seed sorghum in Brazil". Ethanol Producer Magazine. 2010-09-23. Retrieved 2013-04-26.
  4. ↑ JACOBS, PAUL (1999-12-31). "A Few Rush to Exploit New Biotech Crops". Los Angeles Times . Retrieved 2020-06-09.
  5. ↑ "Monsanto to invest $137 million in Ceres collaboration, stake". St. Louis Business Journal. 2002-04-03. Retrieved 2023-03-03.
  6. 1 2 "Ceres from 10-K for 2015".
  7. ↑ "Ceres Announces Fiscal Second Quarter 2012 Financial Results". 2012-04-12. Retrieved 2020-06-09.
  8. 1 2 Dickerson, Marla (2012-01-25). "California biofuel firm Ceres plans public offering". Los Angeles Times . Retrieved 2013-04-26.
  9. ↑ "Ceres Unveils Switchgrass Seed Brand for Cellulosic Feedstock". Sustainable Business. 2008-01-05. Retrieved 2013-04-26.
  10. ↑ "Land O'Lakes Acquires Ag Biotech Developer Ceres Inc". hayandforage.com. Retrieved 2016-06-22.
  11. ↑ DeFrancesco, Laura (2000-07-18). "Tour de force—near complete expression analysis of Arabidopsis genes". Bioprocess Online. Retrieved 2023-03-03.
  12. ↑ "Ceres Noble Master Research Agreement".
  13. ↑ Ann Hinch for Farmworld Online May 7 2008 Genome firm will sell biomass seeds for ’09 growing season
  14. ↑ Zimmerman, Cindy (2010-05-20). "Novozymes and Ceres Partner on Biofuel Crops". Domestic Fuel. Retrieved 2013-04-26.
  15. ↑ "Energy crop company Ceres receives additional $3.5M from USAID for trait stacks for rice". Green Car Congress. 2012-11-09. Retrieved 2013-04-26.
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