BASF Plant Science Obtains License Rights to Genetic Traits
This agreement also initiates a multi-year research cooperation between the two companies in developing additional yield traits for the market.
15/12/05 BASF Plant Science has obtained exclusive license rights to genetic traits discovered and validated by CropDesign for commercial use in major crops. This agreement also initiates a multi-year research cooperation between the two companies in developing additional yield traits for the market.
The aim is to genetically improve yield of agricultural crops and to enhance their protection against environmental stress conditions, such as drought. Traits are commercially important characteristics controlled by corresponding genes in crops.In return, CropDesign will receive multimillion Euro payments from BASF Plant Science consisting of substantial upfront fees, milestone payments as well as royalties on sales of products.
“Knowing the function of genes is key to success in plant biotechnology. CropDesign’s excellent trait portfolio will significantly strengthen and complement our product pipeline”, states Hans Kast, president and CEO of BASF´s plant biotechnology company BASF Plant Science. “It gives us a strong competitive advantage. Our goal is to be amongst the market leaders in the genetic improvement of crops.”
Johan Cardoen, CEO of CropDesign adds: “This agreement clearly validates the competitive edge of our discovery platform of genetic traits and the quality of our trait portfolio. We are pleased to have BASF Plant Science as a partner for developing our traits for the market. In addition this cooperation contributes significantly to CropDesign’s strategy for future growth and preserves the opportunity to develop our own trait-based products in crops such as rice.”
