Devgen and Monsanto update research and technology agreement

Date:04-29-2009

Devgen N.V. and Monsanto Company announced 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, Devgens CEO. "This agreement strengthens our cash position without affecting Devgens rights in its crops of interest and reinforces Devgens ability to execute its downstream trait and seed business plan." 

 "Devgen is a key technology collaborator of Monsanto," said Robb Fraley, Ph.D., Monsantos executive vice president and chief technology officer. "Were excited about the promising technologies this collaboration could deliver to farmers."