Burcon NutraScience Corp (TSX:BU) said its bid to acquire the assets of Merit Functional Foods continues as it engages in the due diligence process.
The company said it has been in discussions with the appointed receiver, PricewaterhouseCoopers Inc, LIT, about the sales process since Merit was placed into receivership on March 1, 2023.
Burcon noted that offers are due by April 21, 2023, with a decision due to be made by April 28 while a definitive agreement is expected by May 12.
READ: Burcon NutraScience in talks to acquire Merit Functional Foods’ business
The company said it also continues to focus on its strategy of identifying additional revenue sources, building better connections, and establishing direct influence over manufacturing.
Burcon said it recently completed commercial validation runs of its next-generation plant protein innovation, which it believes is crucial for opening new opportunities.
The company also said it completed a thorough review of its intellectual property portfolio to validate its relevance, adding that it believes it is uniquely positioned to capitalize on the next wave of plant-based growth.
Burcon NutraScience is a global technology leader in the development of plant-based proteins for foods and beverages.
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