The biotechnological company Symborg, Murcia, Spain, recently announced the acquisition of Glen Biotech, a startup from the University of Alicante (Spain) providing biocontrol solutions for agriculture. This adds to Symborg’s existing portfolio of sustainable biofertilizers and biostimulants.
Glen Biotech’s technology is centered around the fungus Beauveria bassiana 203. According to Symborg, the fungus has a high potential for pest control, and the company will develop new products to provide biological mechanisms to control pests. It said the fungus already plays an important role in the fight against the red palm weevil, a pest that primarily affects palm trees.
Symborg cited a recent study by Mnemonics Research Analysis that valued the fungus at $1 billion, with a 16 percent annual growth rate that could reach $2.5 billion dollars in 2027.