March 6 (Bloomberg) -- Evolva Holding SA, a Swiss developer of ingredients for food and health-care products, rose to the highest in more than a month after agreeing to produce and market sweeteners with Cargill Inc.
Evolva climbed 15 percent to 1.01 Swiss francs in Zurich, the highest price since Feb. 7. The shares have more than doubled this year, giving the company a market value of 175 million francs ($185 million), after losing a third of their value in 2012.
Cargill will buy a 5 million Swiss franc stake in Evolva, which will be eligible for as much as $7.5 million in milestone payments, the Reinach-based company said in a statement today. Evolva has the right to 45 percent of the final business, or royalties from sales of the products developed.
Evolva will develop fermentation-derived steviol glycosides, which will enable the production of better-tasting and cheaper food products, the company said.
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