Devgen NV and Monsanto Company Update Research and Technology Agreement; Devgen Receives Payment of EUR 20M
Published: Apr 24, 2009
GENT-ZWIJNAARDE, BELGIUM and ST. LOUIS, MO--(MARKET WIRE)--Apr 24, 2009 -- Devgen N.V. (Euronext Brussels: DEVG) and Monsanto Company (NYSE:MON - News) announced today that the companies have modified the scope of their research and technology agreement signed in 2007. Monsanto now has broader rights to Devgen technology. In exchange, Devgen receives EUR 20 million in cash. Additional details of the agreement were not disclosed.
"We welcome the additional interest of Monsanto in broadening its access to Devgen trait technology in selected crops," says Thierry Bogaert, Devgen's CEO. "This agreement strengthens our cash position without affecting Devgen's rights in its crops of interest and reinforces Devgen's ability to execute its downstream trait and seed business plan."
"Devgen is a key technology collaborator of Monsanto," said Robb Fraley, Ph.D., Monsanto's executive vice president and chief technology officer. "We're excited about the promising technologies this collaboration could deliver to farmers."
Devgen's mission is to enable farmers to sustainably grow more food on less land, with less water, agrochemicals and labor.
Devgen uses advanced biotechnology and molecular breeding technology to make high yielding seeds and crop protection solutions with a superior environmental profile.
Devgen brings this technology to the market in the world's major food and feed crops through two complementary strategies:
- Licensing Devgen technology for use in corn, cotton and soy and selected other crops in exchange for R&D funding, and milestone and royalty payments.
- Producing and selling its premium hybrid seeds in major field crops such as rice, sunflower, sorghum, and pearl millet, in the Indian subcontinent and S.E. Asia.
In its Crop Protection unit, Devgen develops a novel nematicide, an agro-chemical product that protects crops from damage by parasitic nematodes.
Incorporated in 1997, Devgen has offices in Ghent (Belgium), Singapore, Hyderabad (India) and Delaware (US) and employs more than 200 people.
For more information please contact:
Thierry Bogaert, CEO Wim Goemaere, CFO Tel. +32 9 324.24.24 Tel. +32 9324.24.24 Thierry.Bogaert@devgen.com Wim.Goemaere@devgen.com
or visit: http://www.devgen.com About Monsanto
Monsanto Company is a leading global provider of technology-based solutions and agricultural products that improve farm productivity and food quality. Monsanto remains focused on enabling both small-holder and large- scale farmers to produce more from their land while conserving more of our world's natural resources such as water and energy. To learn more about our business and our commitments, please visit: http://www.monsanto.com.
For more information please contact: Danielle Stuart, Public Affairs 314-694-2478
This press release may contain forward-looking statements containing the words "anticipates," "expects," "intends," "plans," "estimates," "may" and "continues" as well as similar expressions. Such forward looking statements may involve known and unknown risks, uncertainties and other factors which might cause the actual results, performance or achievements of Devgen to be materially different from any future results or achievements expressed or implied by such forward-looking statements. These forward looking statements speak only as of the date of publication of this document. Devgen disclaims any obligation to update such forward looking statements in this document to reflect any change in its expectations, conditions or circumstances on which such statement is based, unless required by law or regulation.
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