TIDMANIC

Agronomics Limited

26 September 2022

London, UK, 26 September 2022

Edison issues flash on Agronomics (ANIC)

Agronomics (ANIC) invests in cellular agriculture companies. In our last note, we discussed a shift in its focus more towards precision fermentation companies, whose development is more advanced, offering greater near-term commercial potential. This week's announcement that Onego Bio, one of ANIC's portfolio companies, has entered a partnership with Perfect Day, a US precision fermentation company, is a further step in this direction. The alliance should hasten Onegro Bio's route to market and financial viability and increase ANIC's potential to realise further NAV uplifts. Food giant Nestlé's recent move into precision fermentation is further evidence that ANIC's increasing interest in this sector may prove timely.

News of Onego Bio's alliance with Perfect Day closely follows another announcement that bodes well for the future of precision fermentation technology more generally, and for ANIC's increasing investment in this sector. Last week, Nestlé announced it is exploring emerging technologies for the development of animal-free dairy protein-based products. Nestlé's interest in fermentation technology demonstrates the attraction this technology has as a potentially viable method of producing animal-free protein at scale. Specifically, Nestlé will pilot a novel product that uses animal-free protein produced by Perfect Day. The product will be tested in the US market later this year. Further details about this product are not yet available, but its development will be supported by Nestlé's R&D Accelerator programme, which brings together start-ups, academic institutions and Nestlé scientists with the purpose of accelerating the development of new products and systems. Programme participants have access to Nestlé's R&D expertise and its infrastructure, including labs, kitchens and pilot-scale equipment.

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