Ghent, Belgium, and St. Louis,
Missouri
February 7, 2007
Devgen N.V. (Euronext: DEVG) and
Monsanto Company (NYSE:
MON) announced that they have entered into a five-year research
and development (R&D) agreement and a five-year technology
exchange agreement. These agreements enable the parties to
identify potential product candidates derived from technologies
being developed by both companies.
Monsanto and Devgen worked together under an earlier R&D
collaboration signed in 2004. The new R&D agreement commits
additional funding from Monsanto for Devgen's research and is
coupled with an agreement which will broaden the relationship so
that both companies can explore technology applications in their
crop areas of interest. Devgen will leverage Monsanto's work in
rice and small cereal grains, especially in Asia. Monsanto
intends to initially leverage Devgen's technologies to its core
crops of interest such as corn, cotton and soybeans.
"This arrangement allows us to broaden our efforts based on
Devgen's innovative gene regulation technology for application
across broad platforms," said Robert T. Fraley, Ph.D., Monsanto
executive vice president and chief technology officer. "We're
excited about the opportunities this arrangement can bring to
bolster our R&D efforts in the areas of insect and disease
control, and longer term, to create opportunities for increasing
crop yield and food quality."
"Due to Monsanto's leading position in the seed business and its
product development expertise, this arrangement provides Devgen
with the fastest and most powerful pathway to introduce its
technology into large U.S. commodity crops," says Pierre
Hochuli, chairman of Devgen.
"Devgen's access to Monsanto's technology portfolio for
applications in rice significantly enhances our capabilities to
build a high-value, hybrid rice business in the increasingly
important Asian markets," observes Thierry Bogaert, CEO of
Devgen.
The technology exchange will allow both companies to share the
advancements the other has made, and will be making, during the
five-year period. Additional details of the agreements were not
disclosed.
Devgen is an innovator in biotechnology focused on
discovering, developing and commercializing:
- a novel generation of biotech products to protect a wide
spectrum of crops from damage incurred from pests;
- safer and more environmentally friendly agro-chemical products
to protect crops from damage inflicted by plant parasitic
nematodes;
- novel therapeutic concepts and preclinical drug candidates for
treatment of metabolic disease (diabetes, obesity, arrhythmia)
and inflammation.
Each of these solutions is developed on a platform of in-house
designed research, development programs and technologies. Devgen
has partnerships with industry leaders in biotechnology and agro
chemistry. Incorporated in 1997, Devgen has offices in Ghent
(Belgium) and Singapore, with a total work force of over 100
people.
Monsanto Company, with
headquarters in St. Louis, Missouri, is a leading global
provider of technology-based solutions and agricultural products
that improve farm productivity and food quality. |