Successful formation of Chinese porcine JV
Genus completes formation of Chinese porcine joint venture with Beijing Capital Agribusiness, receiving US$160m gross cash.
- Gross cash payment US$160m
- Net cash payment (estimated) US$140m
- Milestone payment recognised in H1 US$7.5m
- Genus joint venture ownership 49%
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Genus (LSE: GNS), a leading global animal genetics company, is pleased to announce the successful formation of its Chinese porcine joint venture on 31 January 2026. As announced on 4 September 20251, Genus believes its joint venture partnership with Beijing Capital Agribusiness provides the best platform to accelerate the growth of PIC China.
Following successful formation of the joint venture, Genus will receive a gross cash payment of US$160m (estimated US$140m, net of withholding tax and transaction costs, and subject to any further working capital and net debt adjustments). This gross cash payment is in addition to a gross milestone payment to Genus of US$7.5m which was recognised in the Group's fiscal first half.
As a result of Genus's joint venture ownership of 49%, PIC China will henceforth be deconsolidated from Genus's group accounts. Management will discuss the pro-forma implication of the joint venture formation during the Group's scheduled interim results announcement on 26 February 2026.
Footnotes
1 Accelerated Chinese porcine joint venture formation
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