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Monsanto/PHC harpin deal
Dec. 17, 2007
Monsanto has agreed to evaluate US bioproducts company Plant Health Cares (Pittsburgh, Pennsylvania) harpin seed technology for the suppression of nematodes in agricultural crops. The deal covers the development and commercialisation of harpin-based products and grants Monsanto some exclusive rights to the technology.
PHC will receive an undisclosed upfront payment from Monsanto. It will also receive milestone payments that will depend on the progress of the development of the technology over the next 12 months. The companies expect commercialisation to take place by the end of the decade. PHC will then receive royalty payments based on the crop area supplied with harpin technology.
The Monsanto deal represents "a significant step forward in the development of our company and provides an ideal first platform for the harpin technology", says PHC chief executive officer John Brady. PHC acquired the harpin technology from Eden Bioscience earlier this year. PHC has the right to use harpin in agricultural and horticultural applications, while Eden retained access to the home and garden market.
Source: AgroNews
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