Faegre Drinker provided counsel to CoverCress as they entered a shareholders’ agreement where Bayer acquired a 65% ownership stake. The other 35% is owned by Bunge and Chevron.
CoverCress developed an oilseed cash crop through the selective breeding and gene editing of pennycress, creating a carbon sequestering product that can be planted between corn and soybean rotations as it produces livestock feed and renewable diesel.
The transaction provides a successful exit for the angel, venture capital and economic development investors of CoverCress.
