Biotalys FIRST LOOK: Unlocking post-harvest setting with AgroFresh partnership

Biotalys has entered a collaboration with US-based AgroFresh Solutions to develop and commercialize its biocontrols for post-harvest use, targeting a $ ~300m global market. AgroFresh is a global leader in the post-harvest niche and featured $ 162m revenues at the time of its takeover by private equity Paine Schwartz in 2023, having grown significantly from ~300 to ~700 employees since then. We see the collaboration as highly complementary to Biotalys' pre-harvest efforts as it unlocks access to the broader fresh food supply chain beyond growers. Regulatory approval is likely included in the ongoing EPA dossier in the US, while exact economics of the deal are not yet disclosed. We reiterate our €5.2 TP and Buy rating.