Evolva Gains on Sweetener Progress With Cargill: Zurich Mover
Evolva Holding SA (EVE) gained the most in a month after the Swiss developer of food ingredients said an alliance to develop and sell sweeteners with Cargill Inc. is proceeding faster than originally planned.
Evolva climbed as much as 9.2 percent to 83 Swiss centimes in Zurich, the steepest intraday gain since Aug. 9. The shares have more than doubled this year, giving the company a market value of 196 million francs ($209 million). The stock traded 6.6 percent higher at 81 centimes at 9:21 a.m. local time.
The company is developing fermentation-derived steviol glycosides for use in sweet, low-calorie food products. The project is entering a pilot phase this year, rather than in 2014 as originally planned, the Reinach-based company said in a statement today.
Evolva announced the alliance with Cargill in March, when it said the Minneapolis-based company would buy a 5 million-franc stake in Evolva and pay as much as $7.5 million in milestone payments.
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