After agricultural defaults, another biotech giant defaults, raising alarms

In addition to the defaults of agricultural companies by Los Grobo- Agrofina and Surcos , there is another failure to meet financial commitments by the biotechnology sector.

This is the case of the Rosario-based biotechnology firm Bioceres SA , which defaulted on US$5.31 million in notes due in June and faces another US$2 million in delayed payments this month. According to the Central Bank's Debtors' Center, its bank debt totals $5.881 billion , most of it with Banco Santander .

Bioceres SA was founded in 2001 and was the largest shareholder of Bioceres Crop Solutions Corp. until last year, according to reports to the U.S. Securities and Exchange Commission (SEC). But according to sources close to the action process, since last month "They operate as two different companies" with other shareholders and independent operations."

Bioceres Crop Solutions Corp is the company known for its genetically modified and drought-resistant seeds that has expanded globally. Seven years ago, it acquired the majority stake in Rizobacter and is listed as BIOX on Nasdaq, the technology stock index on Wall Street, with a market value of US$300 million .

The shareholding structure is complex. Bioceres Group PLC and Bioceres SA are owned by more than 400 shareholders , including agricultural operators, processors, and traders from different countries in the region.

Following a corporate restructuring this year , Bioceres SA and Bioceres Crop Solutions operate as separate entities.

In June, Bioceres Group PLC (also Nutrecon LLC and Gentle Tec) merged with Moolec Science, an Argentine biotech founded in 2020 and dedicated to the development of animal proteins and nutritional oils (food tech and life sciences), so the distribution of shares following this transaction is not publicly known.

This is how MLEC (new identification on Nasdaq) emerged with a new CEO, Alejandro Antalich , and a renewed board and management, without the participation of Federico Trucco, the historical visible face of Bioceres.

Meanwhile, Trucco remains CEO of Bioceres Crop Solutions (BIOX) , which also underwent changes to its team in June. Enrique López Lecube (CFO, who remains an executive), Gloria Montaron Estrada, and Keit Mc Govern left the board. Noah Kolatch (institutional investor in Jasper Lake LLC), Scott Crocco (financial and strategic profile), and Milen Marinov (current head of sales) joined the company.

Thus, the default of Bioceres SA would not have major consequences for BIOX's business , sources close to the company anticipated, as it will maintain its operating structure and independent shareholder status for now. However, should the situation worsen, there could be a change in shareholding if creditors seek to foreclose on Bioceres SA's assets, including part of its holdings in BIOX.

In this sense, unlike Bioceres SA, Bioceres Crop Solutions and its subsidiaries , including Rizobacter , Bioceres Semillas and ProFarm, did not present financial problems .

Bioceres Crop Solutions shares are down 55% over the past 12 months and 19% so far in 2025. The drop coincides with quarterly results that were not what the market expected, as well as rumors of crypto giant Tether's interest in taking control of the company after acquiring Adecoagro.

Furthermore, this Wednesday, Rizobacter's credit rating was downgraded by the FIX rating agency , which lowered it from A+(arg) to A(arg) with a negative outlook. This occurred despite the company's earlier announcement that it had met interest payments on its corporate bonds.

The restructuring of Surcos , Los Grobo , Agrofina , Celulosa and Aconcagua , among other companies, occurred, although with particular differences in each case, in a context of difficulties in adjusting their financial planning to lower liquidity and exchange rate appreciation, which affected their credit quality.