Indianapolis, Indiana and South
San Francisco, California
September 4, 2007
Dow AgroSciences LLC, a wholly owned subsidiary of The Dow
Chemical Company (NYSE: Dow), and
Exelixis Plant Sciences, a
wholly owned subsidiary of Exelixis, Inc. (Nasdaq: EXEL),
announced today that the companies have signed a major research
collaboration agreement which includes the purchase of selected
assets by Dow AgroSciences’ affiliate Agrigenetics Inc. The
agreement is focused on the development of new tools for gene
discovery and validation of novel crop traits. The asset
purchase by Dow AgroSciences includes certain intellectual
property and physical assets used for crop trait discovery.
In the rapidly advancing field of biotechnology, the capability
to quickly identify and validate genes of interest in key crops
is a competitive advantage. This contract research agreement and
asset purchase combines the unique skills and technologies of
both companies to deliver differentiated capabilities in gene
discovery and validation.
“At Dow AgroSciences we continue to add cutting-edge tools to
our Research and Development portfolio, and are excited about
what this agreement will enable us to add to our existing
capabilities,” said Daniel R. Kittle, Ph.D., vice president of
Research and Development for Dow AgroSciences. He adds, “This
asset purchase and collaboration will accelerate our gene
discovery and validation efforts as we work to bring
revolutionary solutions for our customers. Our past
collaborations with Exelixis Plant Sciences have been highly
productive, and we look forward to continuing that tradition in
our relationship.”
“This deal with Dow AgroSciences will ensure that the assets
that have been developed at Exelixis Plant Sciences are
developed in a way in which they receive the critical mass of
agricultural expertise and resources they deserve,” said George
A. Scangos, Ph.D., president and chief executive officer of
Exelixis. “We have collaborated with Dow AgroSciences over the
past several years and believe they are one of the leaders in
agricultural research and development and we believe the
Exelixis Plant Science assets will be a valuable addition to
their portfolio.”
Exelixis, Inc. is a development-stage biotechnology company
dedicated to the discovery and development of novel small
molecule therapeutics for the treatment of cancer and other
serious diseases. The company is leveraging its fully integrated
drug discovery platform to fuel the growth of its development
pipeline, which is primarily focused on cancer. Currently,
Exelixis' broad product pipeline includes investigational
compounds in phase 2 and phase 1 clinical development for cancer
and renal disease. Exelixis has established strategic corporate
alliances with major pharmaceutical and biotechnology companies,
including GlaxoSmithKline, Bristol-Myers Squibb Company,
Genentech, Wyeth Pharmaceuticals and Daiichi-Sankyo.
Dow AgroSciences LLC, based in Indianapolis, Indiana, USA, is a
top-tier agricultural company providing innovative crop
protection, pest and vegetation management, seed, and
agricultural biotechnology solutions to serve the world's
growing population. Global sales for Dow AgroSciences, a wholly
owned subsidiary of The Dow Chemical Company, are $3.4 billion.
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