Developing the perfect GE tree
- Subject: Developing the perfect GE tree
- From: F* V*
- Date: Thu, 16 May 2002 09:38:44 -0400
DEVELOPING THE PERFECT GE TREE
May 12, 2002
Sunday Star-Times
Liam Dann
ARBORGEN - According to this story, it's the world's biggest genetically
engineered forestry project and it was developed and is being researched in
New Zealand, but public awareness of the project - to genetically alter
trees to make them more valuable - is almost nil.
The story says that type the name into an internet search engine and most
references are on anti-GE websites - with headlines such as
"Frankenforests".
Arborgen is 33% owned by listed Fletcher Challenge offshoot Rubicon; New
Zealand's largest listed biotech company, Genesis Research and Development,
owns 5%; and the majority share is owned by US forestry giant International
Paper - the 51% stake holder in Carter Holt Harvey.
Arborgen was set up at a cost of $US60 million, a figure still used by local
analysts for whom Arborgen's real value remains a mystery.
They want additional information to more accurately assess the value of
Rubicon and Genesis. They want to know how Arborgen plans to turn its
intellectual property into revenue, how long it will take and how much it
will make.
But Arborgen's owners are not ready to oblige. Partly because of the
political storm surrounding genetic engineering, International Paper is
taking a cautious approach to publicising the project.
For the last year, the Arborgen website has been "under construction."
Rubicon and Genesis, while unashamedly proud of the project, are also
careful not to make projections too early. "We're just not ready to put that
kind of valuation on it," said Rubicon boss Luke Moriarty.
But he expressed frustration at the market view that assesses research and
development companies as a negative value.
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