Zwijnaarde, Belgium, and St.
Louis, Missouri, USA
April 24, 2009
Devgen N.V. (Euronext Brussels: DEVG) and
Monsanto Company (NYSE:
MON) announced today that the companies have modified the scope
of their research and technology agreement signed in 2007.
Monsanto now has broader rights to Devgen technology. In
exchange, Devgen receives EUR 20 million in cash. Additional
details of the agreement were not disclosed.
"We welcome the additional interest of Monsanto in broadening
its access to Devgen trait technology in selected crops," says
Thierry Bogaert, Devgen's CEO. "This agreement strengthens our
cash position without affecting Devgen's rights in its crops of
interest and reinforces Devgen's ability to execute its
downstream trait and seed business plan."
"Devgen is a key technology collaborator of Monsanto," said Robb
Fraley, Ph.D., Monsanto's executive vice president and chief
technology officer. "We're excited about the promising
technologies this collaboration could deliver to farmers."
Devgen's mission is to enable farmers to sustainably grow more
food on less land, with less water, agrochemicals and labor.
Devgen uses advanced biotechnology and molecular breeding
technology to make high yielding seeds and crop protection
solutions with a superior environmental profile. Devgen brings
this technology to the market in the world's major food and feed
crops through two complementary strategies:
- Licensing Devgen technology for use in corn, cotton and soy
and selected other crops in exchange for R&D funding, and
milestone and royalty payments.
- Producing and selling its premium hybrid seeds in major field
crops such as rice, sunflower, sorghum, and pearl millet, in the
Indian subcontinent and S.E. Asia.
In its Crop Protection unit, Devgen develops a novel nematicide,
an agro-chemical product that protects crops from damage by
parasitic nematodes.
Incorporated in 1997, Devgen has offices in Ghent (Belgium),
Singapore, Hyderabad (India) and Delaware (US) and employs more
than 200 people.
Monsanto Company is a leading global provider of
technology-based solutions and agricultural products that
improve farm productivity and food quality. Monsanto remains
focused on enabling both small-holder and large- scale farmers
to produce more from their land while conserving more of our
world's natural resources such as water and energy.
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