Bayer AG, Leverkusen, Germany, and biotech company Ginkgo Bioworks Holdings Inc., Boston, will partner to develop products like more environmentally-friendly nitrogen fertilizer and crop protection products, according to Bloomberg. To do that, they will collaborate on advancing the use of microbes in agriculture.
As part of the agreement, Ginkgo will acquire the team and capabilities of Joyn Bio, a startup that was founded as a joint venture between the two companies (GM March 23, 2018), while Bayer will acquire Joyn Bio’s product and help bring it to farmers.
Joyn Bio uses microbes so that crops like corn can convert nitrogen from the air into a form it can use. Ginkgo will also acquire a Bayer research and development site as part of the deal.
Financial details of the deal were not disclosed. The companies plan to close the deal by the end of 2022. The transaction is subject to regulatory approvals.