Ghent, Belgium
October 31, 2007
Devgen today announced it has completed the acquisition of
certain Monsanto assets in
India. Devgen also announced that Monsanto Company subscribed to
1,045,400 Devgen shares at a price of € 17.22 per share.
Devgen has finalized the acquisition of Monsanto's hybrid rice,
sunflower, sorghum and pearl millet businesses and certain other
assets in India, as announced on September 14, 2007. The
acquisition of business assets in Pakistan and the Philippines
will be completed upon incorporation of local affiliates.
In a separate transaction, Monsanto Company has subscribed to
Devgen shares in the amount of 18 million € (US$ 25 million),
representing 5.9% of the outstanding capital of Devgen. The new
shares were issued and paid for on October 31, 2007. Devgen will
apply for admission of the new shares on Eurolist by Euronext
Brussels.
About Devgen
Devgen is a top 10 public agro biotech company with agricultural
business units focused on developing and commercializing:
- a novel generation of
biotech products to protect a wide spectrum of crops from
damage incurred from pests;
- biotech traits and
germplasm to meet the growing needs for high yielding, high
quality hybrid rice and selected small grains in India and
S.E. Asia;
- agro-chemical products
with a safer and more environmentally friendly profile to
protect crops from damage inflicted by plant parasitic
nematodes.
Devgen's biopharmaceutical
division develops a new class of preclinical drug candidates,
based on novel therapeutic concepts, for treatment of a range of
inflammatory and metabolic disease (diabetes, obesity) and
arrhythmia.
Devgen has entered into partnerships with industry leaders in
biotechnology and agro chemistry. Incorporated in 1997, Devgen
has offices in Ghent (Belgium), Singapore and Hyderabad (India),
with a total work force of about 160 people, including Devgen
Seeds and Crop Technology in India. Devgen is listed on Eurolist
by Euronext Brussels (ticker: DEVG) since June 2005. For more
information on Devgen, please visit the company's web site:
www.devgen.com
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