Ceres Acquired For $17.2M

Thousand Oaks-based agricultural biotech developer Ceres is being acquired by Minnesota-based agriculture firm Land O'Lakes, in a deal worth approximately $17.2M, the companies said on Friday. The two said that Land O'Lakes will pay $0.40 per share, in cash, for Ceres. Ceres will become part of Land O'Lakes Forage Genetics International (FGI) subsidiary. Ceres said the acquisition came after evaluating strategic options, and was unanimously backed by its board of directors.