Dallas’ Arcadia Biosciences Sells ‘Wheat Trait’ to Corteva Agriscience for $4M, Then Sells GoodWheat Brand for $4M

Two deals announced 48 hours apart have brought Arcadia Biosciences $8 million, including the sale of its "better-for-you" wheat brand, GoodWheat, to Canada's Above Food Corp.

Arcadia Biosciences relocated its HQ from Davis, California, to Dallas last year, bringing over two decades of agricultural innovation and a focus on next-generation wellness products—like its high-fiber, “better-for-you”  GoodWheat family of pastas, mac & cheese, and pancake mixes.

In the last two days, Arcadia announced that it had snagged $8 million by selling 24 patents and its GoodWheat brand, which Dallas Innovates first wrote about last October.

$4M sale of 24 patents for non-GMO Resistant Starch Durum Wheat

Arcadia’s Stan Jacot

On Tuesday, the company announced the sale of its non-GMO Resistant Starch (RS) Durum Wheat “trait” to a longtime partner, Indianapolis-based Corteva Agriscience. Under the deal’s terms, Corteva will acquire 24 RS Durum patents in 20 countries, while Arcadia retained the right to continue using Resistant Starch Durum in its GoodWheat products.

Arcadia said it had developed its high-fiber RS Durum Wheat trait by using advanced non-GM breeding techniques, resulting in wheat varieties that contain up to 94% amylose—a carbohydrate molecule that’s less vulnerable to digestion.

Resistant starch offers significant health benefits, the company added, “particularly in the management of gastrointestinal health, cardiovascular disease, and type 2 diabetes.” By being digested more slowly, the starch has a lower glycemic index, acting as “a prebiotic that improves gut health.”

“Wheat is a staple crop worldwide, and consumers are looking for ways to enhance their nutrition through natural sources. As a leading global agricultural company, Corteva is an ideal partner to bring this trait to farmers globally,” Stan Jacot, president and CEO of Arcadia, said in a statement. “This transaction enables our long-standing collaboration to continue, with Corteva eventually supplying seed that farmers could grow for the GoodWheat brand, while the financial component strengthens our balance sheet, allowing us to pursue strategic transactions.”

The two companies began collaborating in 2017, Arcadia said, when they signed an agreement to develop and commercialize RS Durum in North America.

Canada’s Above Food acquires GoodWheat for $4M net

[Photo: GoodWheat]

Two days after announcing the Corteva deal, Arcadia announced today that Regina, Canada-based Above Food Corp. is purchasing its GoodWheat brand for $4 million net.

GoodWheat was launched in 2018 “to help consumers get more fiber in their diets by increasing the amount of fiber in the delicious foods they love,” Arcadia said, by using the company’s patented, non-GMO wheat grain “that’s naturally higher in fiber and protein with nothing added.”

The beginning of a ‘partnership’ to scale Arcadia’s IP

Arcadia’s Jacot sees the deal “as the beginning of a partnership between Arcadia and Above Food to accelerate scaling Arcadia’s wheat IP.”

“The GoodWheat brand fits perfectly into Above Food’s nutrient-dense, plant-based consumer product and specialty ingredient portfolios,” he added in a statement. “Above’s vertically integrated, farm-to-fork identity preservation system, reinforced by Above’s owned assets could provide efficient commercialization of Arcadia’s wheat IP in the future. This transaction enables us to monetize our IP early while we continue to pursue other crop licensing and royalty streams.”

Arcadia introduced five varieties of GoodWheat pasta in June 2022, followed by six varieties of pancake mixes and single-serve Quikcakes in August 2023. Three varieties of mac & cheese were rolled out in November of 2023. GoodWheat products are currently available on more than 3,500 shelves nationwide and on Amazon, Arcadia said.

“Consumers are asking for delicious foods that are better for you,” Above Food CEO Lionel Kambeitz said in a statement. “The use and the advancement of this existing non-GMO GoodWheat IP for the planting seeds utilized in Above’s grower supply chain will serve the needs of these health- and quality-conscious consumers.”

“Building better-for-you foods begins with the grower producing grains from the highest quality, non-GMO seeds,” Kambeitz added. “Above’s identity-preserved, field-to-fork supply chain ensures the quality and security of these grains.”

Lake Street Capital Markets served as exclusive financial advisor to Arcadia Biosciences in the Above Food transaction.

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