Dow AgroSciences LLC
and Maize Technologies
International GmbH (MTI) today announced a licensing
agreement under which Dow AgroSciences obtains exclusive
rights to MTI's U.S. corn product development pipeline.
Under the agreement, Dow
AgroSciences will access MTI's U.S. corn breeding program
and will have exclusive rights to breed and commercialize
existing and future corn seed products in the U.S. and
Canada. MTI will in turn be able to access Herculex(TM)
Insect Protection traits from Dow AgroSciences. Financial
terms of the agreement were not disclosed.
"This transaction allows
MTI to focus on its core business areas in Western, Central
and Eastern Europe. At the same time, MTI can access one of
the leading pipelines for biotechnology traits. Both
elements are important for MTI to develop its business in
the coming years," said Lutz Krafft, CEO of MTI.
"The material accessed
under this agreement adds depth and breadth to Dow
AgroSciences' germplasm base and product development
program. We expect the MTI program to contribute new
products to our pipeline and to diversify our breeding
efforts," said Tom Wiltrout, global business leader, Corn
and Sorghum, for Dow AgroSciences. "We're excited about the
opportunity this agreement will bring to increase
competitiveness of the Dow AgroSciences and Mycogen branded
corn seed in North America."
MTI is an Austria based
corn seed company with affiliates in France, Czech Republic,
Slovak Republic and Moldova. MTI develops innovative corn
hybrid products for the temperate corn seed markets
exploiting genetic diversity developed over the past 40
years. MTI works in close partnership with local breeding
programs in Central and Eastern Europe. Further information
at http://www.maizetec.com
.
Dow AgroSciences, based
in Indianapolis, Indiana, USA, is a top tier agricultural
company providing innovative crop protection, seeds, and
biotechnology solutions to serve the world's growing
population. A wholly owned subsidiary of The Dow Chemical
Company, global sales for Dow AgroSciences are $3.4 billion.
Learn more at
http://www.dowagro.com .
(TM)Herculex is a
registered trademark of Dow AgroSciences LLC.
Herculex Insect Protection Technology by Dow AgroSciences
and Pioneer Hi-Bred.
