Shareholders of Marrone Bio Innovations Inc. have approved its acquisition by Argentine company Bioceres Crop Solutions Corp., opening the door for the deal to close on Tuesday.
In March, Bioceres (Nasdaq: BIOX) said it would buy Davis-founded Marrone (Nasdaq: MBII) in an all-stock deal that at the time was worth $236 million.
“The conditions to the merger requiring stockholder approval and regulatory approval have been satisfied. The parties intend to close the transaction on July 12, 2022,” Marrone said in a news release.
Founded in Davis in 2006, the company develops, makes and sells biologically-based products for agricultural pest management and plant health, as well as for controlling water-based pests. Marrone went public in 2013.
Marrone was the Sacramento area's sixth-largest locally based public company in 2020, with revenue of $38.4 million that year. It had revenue of $44.3 million in 2021.
Founded by scientist Pam Marrone, the company is a pioneer in developing biological controls for agriculture that replace or reduce the need for chemical pest controls.
Bioceres develops seeds and crop protection and crop nutrition technologies, which it distributes globally.
In January, Marrone Bio said it would move its corporate headquarters to Raleigh, North Carolina, to support its growth with international customers. At that time, the company said Davis would remain a hub for Marrone's research and development operations, and a number of support functions. The company didn’t return calls for comment. Marrone employs about 150 people, many of them research scientists in Davis.
Marrone has a portfolio of 18 products to help farmers operate more sustainably. It also has more than 500 issued and pending patents.
