Ghent and
Brussels, Belgium and St. Louis, Missouri
September 14, 2007
Devgen nv (Eurolist: DEVG) and
Monsanto Company (NYSE:
MON) today announced that they have signed an agreement in which
Monsanto has agreed, subject to certain customary conditions, to
subscribe to 1,045,400 Devgen shares at 17.22 €/share, totaling
18 million € (25 million $) and representing 5.9% of the
outstanding capital of Devgen NV. Closing is expected to take
place no later than November 2007.
It is anticipated, that Monsanto's becoming a shareholder of
Devgen will complement the ongoing collaboration and technology
exchange agreements of the companies.
"Devgen has served as a key collaborator with our technology
organization for several years," said Robb Fraley, Ph.D., Chief
Technology Officer at Monsanto. "We're excited to build upon our
strong working relationship with Devgen. We believe this is an
important part of supporting our collective mission of
discovering and delivering new agricultural technologies to the
farm."
"We welcome Monsanto as a shareholder," said Thierry Bogaert,
Chief Executive Officer of Devgen. "This strengthens Devgen's
ability to develop and commercialize innovative biotech traits
and seeds that meet farmers' needs."
Pol Bamelis, Chairman of Devgen, added: "We are pleased to
strengthen our relationship with Monsanto. I would like to take
the opportunity to acknowledge the merits of my predecessor, Mr
Pierre Hochuli, in forging this relationship and to thank him
sincerely for his significant contribution to Devgen's progress
during his 5-year tenure as chairman of Devgen."
Monsanto Company is a leading
global provider of technology-based solutions and agricultural
products that improve farm productivity and food quality.
Devgen is a top 10 public agro biotech company
with agricultural business units focussed 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
environmental friendly profile to protect crops from damage
inflicted by plant parasitic nematodes.
Devgen's biopharmaceutical division is developing
a new class of preclinical drug candidates, based on novel
therapeutic concepts, for treatment of a range of inflammatory
and metabolic diseases (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 100 people. Devgen is listed on Eurolist by Euronext
Brussels (ticker: DEVG) since June 2005.
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