Shares of AgriFORCE Growing Systems Ltd. surged 165% to $4.48 as it entered a binding letter of intent to buy tissue culture propagation business Deroose Plants NV for about $69 million.

Deroose has operations in Europe, North America and Asia, and unaudited 2021 revenue of $40.5 million.

The deal is expected to provide "a leading position in tissue culture propagation and plant cultivation, including a robust IP portfolio, aimed at delivering increased crop yields with a reduced environmental footprint." Deroose's "specific crop IP enables increased yields per hectare for crops such as rubber, palm and banana," AgriFORCE said.

Write to Josh Beckerman at josh.beckerman@wsj.com

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