Science-based ingredient company Moolec Science and LightJump Acquisition Corp have entered into an agreement to combine businesses at a proforma equity value of $504 million.
Moolec develops real animal proteins in plants using molecular farming. The company targets seed crops, such as soybeans and peas, that are designed to replace meat proteins. Its first two products, produced using safflower as a carrier crop, include the ingredient Chymosin SPC for use in plant-based dairy cheese applications and nutritional oil GLA.
Moolec’s technology also has the potential to modify and enhance a range of applications using animal proteins, including milk, eggs, chicken and fish alternatives, as well as other biomaterials and cosmetics.
The alternative protein producer is backed by Nasdaq-listed companies Bioceres Crop Solutions Corp, Theo I and Union Group.
Robert Bennett, CEO of LightJump, said: “LightJump Acquisition Corp is excited to be partnering with Moolec Science, a food tech pioneer in molecular farming. We believe Moolec’s differentiated technology platform will be able to address the worldwide growing demand for animal proteins while delivering them at a small fraction of the cost and environmental impact of existing approaches.”
Bennett continued: “We are committed to working alongside Moolec’s outstanding management team to support its expansion plans and its transition to becoming a Nasdaq-listed company”.
The transaction will support Moolec Science SA’s research and development, regulatory approval efforts and the mainstream commercialisation of its two debut products.
The deal is expected to be completed in the second half of 2022.