FMC Corp. – USD 403 Million and an RNA-Based Approach
FMC is receiving substantial financial backing. The Belgian industrial group Tessenderlo has now completed its previously announced investment, putting in approximately USD 403 million. In exchange, 30.3 million FMC shares were acquired at USD 13.30 each. Tessenderlo now holds approximately 20% of the US agrochemical company and is entitled to nominate an independent representative to the board of directors.
For FMC, this capital injection comes at a critical juncture. The company is struggling with high debt and a challenging agricultural market, yet it continues to invest in new active ingredients. Of particular interest is its collaboration with AgroSpheres. Two jointly developed RNA-based biomolecules entered large-scale field trials in September in the US, Brazil and Asia.
The candidates target butterfly pests such as the fall armyworm and the cabbage looper. According to the companies, just a few of the most significant species alone cause nearly USD 14 billion annually in crop losses and control costs worldwide. Rather than broadly attacking pests with conventional chemicals, the biomolecules are designed to disrupt specific biological processes.
The candidates have already undergone laboratory, greenhouse and small-scale field trials. According to FMC and AgroSpheres, they matched or even outperformed established chemical solutions in these trials. Now comes the decisive test under real-world conditions. If they reach market readiness, FMC could expand its traditional crop protection business to include an entirely new class of active ingredients.
MustGrow Biologics – Bayer Pays First Milestone Payment
While FMC Corp. generates billions in revenue, MustGrow Biologics operates earlier in the value chain. The Canadian specialist develops biological agricultural solutions based on natural ingredients derived from mustard seeds. The collaboration with Bayer demonstrates that the technology has also piqued the interest of an industry giant. In August, MustGrow received the first development milestone payment under the licensing and collaboration agreement signed at the end of 2023.
Bayer holds the rights in Europe, the Middle East and Africa (EMEA) for certain soil applications of the mustard-based biocontrol technology and is responsible there for, among other things, product development, regulatory studies and approval procedures. The focus is on the pre-registered TerraMG™. The patented system uses sinigrin and the enzyme myrosinase from mustard seeds. When combined with water, it produces allyl isothiocyanate, a highly effective biological control that treats harmful nematodes and diseases in the soil.
MustGrow has made even more progress with TerraSante™. This biofertility and soil-improvement product is already registered in approximately a dozen states in the US, certified organic, and commercially available. As a result, MustGrow no longer has only a development pipeline; it has its own product, and scaling it is increasingly a focus of its strategy.
This is also where GBC AG’s initial analysis comes in. Analysts forecast revenues of CAD 4.50 million, CAD 14.05 million and CAD 31.56 million for 2026, 2027 and 2028, respectively. With a growing share of proprietary TerraSante™ revenues, improved production conditions, and economies of scale, the margin structure is also expected to improve significantly.
GBC has initiated coverage of MustGrow with a “Buy” rating and a price target of CAD 2.70. Analyst Matthias Greiffenberger cites TerraSante’s increasing scale, rising gross margins, and operational leverage driven by growing market penetration as key value drivers. TerraMG™ and the Bayer partnership offer additional long-term potential. The unassuming mustard seed could thus gradually evolve into a scalable biologics platform. Currently, MustGrow shares are trading at around CAD 0.42.
Corteva – AI and Gene Editing for the Fields
Corteva is taking it a step further and aims to modify plants themselves. Vylor, the soon-to-be-independent seed and genetics company, has entered into a partnership with Rainbow Crops for this purpose. Together, they plan to develop new corn traits that make plants more resilient to heat, drought and flooding.
This effort brings together two key technologies: artificial intelligence and so-called multiplex gene editing. Rainbow Crops’ Trait Foundry platform uses AI, while gene editing allows multiple genes in a cell to be modified simultaneously. The goal is to create complex plant traits that use agricultural inputs more efficiently while enabling higher or more stable yields.
For Corteva, this is part of a larger strategic realignment. On October 1, Vylor is set to be spun off as an independent, publicly traded company focused on seeds and genetics. The remaining company will focus on crop protection. As early as 2025, Corteva generated group-wide revenue of USD 17.4 billion and invested in new agricultural technologies through a network of about 120 research and development facilities.
This illustrates just how far-reaching the agricultural revolution has become. FMC is focusing on RNA-based bioinsecticides, MustGrow Biologics is partnering with Bayer to unlock the potential of natural, mustard-derived biological solutions, while Corteva is directly reshaping plant genetics with AI and gene editing. Companies that succeed with these technologies stand to benefit from a fundamental transformation of the multi-billion-dollar agricultural market.
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