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Evogene expects to receive $8.6 mn in R&D payments from Monsanto
May. 3, 2016
Evogene Ltd.
IsraelFollow
Israel
Monsanto Company
United StatesFollow
United StatesRelated News
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Evogene, the Israeli biotech company that recently opened a $10 million, 6,000-square-foot research and development facility at Bio-Research & Development Growth (BRDG) Park, reported 2015 revenue of $11.1 million, a 23 percent decrease from 2014.
About 77 percent of that revenue came from collaborations with Monsanto, which owns just more than 6 percent of Evogene and is its most significant collaborator. Evogene’s deal with Monsanto is focused on identifying key plant genes related to yield, environmental stress and fertilizer utilization in corn, soybean, cotton and canola.
According to a federal filing, Evogene, led by CEO Ofer Haviv, has received $58.8 million in research payments from Monsanto as of the end of 2015. Over the next four years, Evogene officials expect to receive an additional $8.6 million in research and development payments from Monsanto as well as royalty payments on any sales or other transfers of products Monsanto develops using Evogene’s licensed genes.
Evogene’s BRDG Park facility now serves Evogene’s insect control activities segment. Evogene is based in Israel and was founded in 2002. The company went public in 2013, when it raised $74 million in an initial public stock offering (IPO).
Entities affiliated with Waddell & Reed Financial, an investment firm in Kansas that has its local office in Creve Coeur, are the largest Evogene investors, owning nearly 13 percent of the company, or just more than 3.2 million shares.
Source: Bizjournals.com
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