Sold! for $41-million; company behind Arctic Apple cashes in
SUMMERLAND, BC — Just two weeks after Acrtic Apple approved for sale south of the border, the Summerland company behind the apple that never turns brown, has been sold.
Okanagan Specialty Fruits will receive $31-million dollars in Intrexon stocks, and ten million dollars in cash for the deal.
The apple is designed through genetic modification. The gene that produces the enzyme that causes an apple to brown when it’s cut into has been switched off.
Intrexon is a company that specializes in synthetic biology. The apple is expected to be popular in the “pre-sliced” produce market, and the service industry.
It’s prompted some controversy, among those opposed to genetically modified food.
READ MORE: Arctic Apple fight heating up
The Arctic Apple still can’t be sold in Canada.