Update: Rights issue supports stevia JV
Evolva has announced a capital-raising in the form of a fully underwrittenrights issue, which will be used to underpin the company’s JV with Cargill.
Evolva plans to raise c CHF57m gross and roughly half the proceeds will
be used through to 2017 to invest in the manufacturing infrastructure for
the stevia JV. Stevia remains on track to be co-commercialised with Cargill
in 2016 and our model indicates fair value of CHF1.89 for Evolva.
Evolva Holding is an international biosynthetic group based in Switzerland. Co. is engaged in discovering and developing ingredients (and technologies for making ingredients) to other companies, in particular in the food and beverage, consumer health and pharmaceutical sectors. Co. maintains a proprietary fermentation-based platform that utilizes yeast. Co.'s internal focus is on high-value ingredients with relatively low production volume. Co.'s operations are organized in two segments: Products (Resveratrol, Vanilla, Stevia, Saffron , Pomecins and Agarwood ) and Legacy Products (EV-077 for diabetic complications and EV-035 for bacterial infections).
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