Agronomics (ANIC) invests in cellular agriculture companies. In our last note, we discussed a shift in its focus more towards precision fermentation companies, whose development is more advanced, offering greater near-term commercial potential. This week’s announcement that Onego Bio, one of ANIC’s portfolio companies, has entered a partnership with Perfect Day, a US precision fermentation company, is a further step in this direction. The alliance should hasten Onegro Bio’s route to market and financial viability and increase ANIC’s potential to realise further NAV uplifts. Food giant Nestlé’s recent move into precision fermentation is further evidence that ANIC’s increasing interest in this sector may prove timely.