Origin Agritech Ltd. (NASDAQ: SEED) stock gained by 40.89% at last close while the SEED stock price appeared to be rising by 4.65% in the after-hours trading as well. Origin Agritech Limited, a major Chinese agricultural technology firm, was formed in 1997 and is based in Beijing’s Zhong-Guan-Cun (ZGC) Life Science Park. Origin Agritech’s phytase corn was the first transgenic maize to earn the Bio-Safety Certificate from China’s Ministry of Agriculture in crop seed biotechnologies.
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What is happening?
Origin Agritech revealed that it has signed an exclusive rights deal with the Chinese Academy of Agricultural Sciences’ Biology Research Institute for its drought-resistant GMO trait. For the duration of the patent, the licensing deal grants Origin exclusive universal rights to the GMO trait. China’s Ministry of Agriculture and Rural Affairs has authorized the drought-tolerant maize for production trials (the fourth stage in the five-stage process to receive its bio-safety certificate). Moreover, Origin has effectively transformed drought-resistant characteristics into its superior corn hybrids.
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Throughout the whole growth period, the trait has demonstrated exceptional performance under water stress circumstances. Drought tolerance corn yields 9.2-16.2 percent more than non-GMO corn under water stress, according to multi-year studies. The GMO modified maize enhances water consumption efficiency by 33-47 percent in irrigated settings.
The Ministry of Agriculture and Rural Affairs (MOA) has approved four of Origin Agritech’s novel hybrid corn breeds, enhancing Origin Architech’s product pipeline and boosting its competitiveness in China’s corn seed market. Furthermore, SEED is actively pursuing permission for GMO-enhanced versions of the newly authorized hybrids.
The MOA has strengthened national criteria for maize and rice variety approval and encouraged more germplasm production innovation. Origin Agritech is in a privileged situation to simplify the approval process and present more hybrids for clearance every year since it is one of the few firms in China to participate in the Green Pass program. As a result, SEED’s capacity to bring numerous novel hybrids to market each year, including many GMO enhanced hybrids, has been strengthened.