UPSIDE Foods withdraws from deal to acquire Believer’s North Carolina plant
In North Carolina, cultivated meat producer UPSIDE Foods has withdrawn from a previously announced agreement to acquire the production facility of bankrupt peer, Believer Meats. The stalking horse bid, worth $50 million, was announced in June. According to AgFunderNews, conditions of the deal were not met. The purchase agreement allowed UPSIDE to terminate under several circumstances, including unresolved agreements with creditors. UPSIDE Foods said it remains interested in the facility and will consider its options after the receiver establishes a new sale process. The Wilson, North Carolina, facility was designed as a large-scale cultivated-meat production plant, with Believer Meats investing heavily in infrastructure intended to move its technology from laboratory development toward commercial production.
Category: Chemicals & Materials
