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Agreement Aimed at Developing Higher-Yielding Crops That Are More Tolerant To Adverse Environmental Conditions
NEW YORK, March 21 /PRNewswire-FirstCall/ -- BASF (NYSE:BF) and Monsanto Company (NYSE:MON) have announced a long-term joint research and development (R&D) and commercialization collaboration in plant biotechnology that will focus on the development of high yielding crops and crops that are more tolerant to adverse environmental conditions such as drought.
The companies will dedicate a joint budget of potentially $1.5 billion to fund a dedicated pipeline of yield and stress tolerance traits for corn, soybeans, cotton and canola. Under this collaboration:
-- Each company will maintain independent trait discovery programs.
-- Each company will nominate specific candidate genes and the most
promising candidates will be advanced for accelerated joint development
and for commercialization in the Monsanto pipeline.
-- The two companies expect to generate a greater number of viable
research projects than they could have done on their own, accelerate
the development of new products, and bring a greater number of traits
to the market at a faster speed.
-- The nominated projects will be jointly funded at a 50-50 cost sharing
through each phase of development as the candidate gene works its way
toward commercial status.
-- Products that emerge from the joint development will be commercialized
by Monsanto. The companies have agreed to share profits associated with
commercialized products, with Monsanto receiving 60 percent of net
profits and BASF receiving 40 percent of net profits.
For more information, please visit: http://www.basf.com/ or http://www.monsanto.com/
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NEWS: BASF & MONSANTO PLANT BIOTECHNOLOGY COLLABORATION EFFECTIVE
IMMEDIATELY
FORMAT: B-roll and Soundbites
ADDITIONAL
RESOURCES: Video, contact information and more available at
http://www.prnewswire.com/broadcast/27440/consumer.shtml
SOUNDBITES: Robb Fraley, Chief Technology Officer, Monsanto, Co.
Dr. Juergen Hambrecht, Chairman of the Board, BASF
B-ROLL INCLUDES: ** farming footage -- tractors, corn fields, cotton
fields, etc. ** BASF Footage***
VIDEO PROVIDED BY: BASF and Monsanto Company
FOR TECHNICAL INFORMATION OR HARD COPY, PLEASE CALL:
MultiVu Media Relations, 800-653-5313 EXT. 3
http://www.prnewswire.com/broadcast/27440/press.shtmlDATASOURCE: BASF; Monsanto Company
CONTACT: For technical information or hard copy, please call: MultiVu
Media Relations, +1-800-653-5313 ext. 3
Web site: http://www.prnewswire.com/broadcast/27440/press.shtml
http://www.basf.com/
http://www.monsanto.com/