May. 13, 2021
Eden Research plc (AIM: EDEN), the AIM-quoted company focused on sustainable bio-control solutions for the global crop protection, animal health and consumer products industries, announces the signing of an exclusive Commercialisation, Supply and Distribution Agreement ("Agreement") with Corteva Agriscience ("Corteva"), for Eden's first seed treatment product ("Product").
- Follows successful evaluations of Eden's products and technology by Corteva for select seed treatment applications since late 2019
- The Agreement grants exclusive rights to Corteva for the development, commercialisation, and distribution of Eden's first seed treatment product for use in the European Union, United Kingdom and Serbia
- The Product is based on Eden's registered active ingredients delivered using its novel, patented Sustaine® encapsulation technology based upon natural, plastic-free, biodegradable micro-spheres
- Eden and Corteva intend to collaborate on the evaluation of additional uses of Eden's products and technology in the seed treatment market, which is worth approximately US$6.5 billion annually with an estimated annual growth rate of between 10 and 12 percent
- Significant corporate milestone for Eden marking its first foray into the use of its active ingredients and Sustaine® technology in seed treatments and the first use of its products and technology on broad acre crops, with promising future revenue potential.
- This announcement does not change management expectations in the short term.
Eden and Corteva will continue to collaborate to further develop and optimise Eden's seed treatment product. The companies are committed to working together to register the final product candidate with the aim of initially launching the Product in the European Union, the UK and Serbia in time for the 2024 growing season, although both companies acknowledge that this is an estimate and is open to revision, dependent on development and product registration.
During the initial evaluation period, Corteva and Eden performed several field trials in Europe which validated the efficacy of the Product. Corteva and Eden have defined a joint regulatory strategy to register the Product and enable entry into the market in the shortest time possible.
Corteva is global pure-play agriculture company, and a leading supplier of seeds for a wide range of crops. It was formed from the merger of Dow Agrosciences, DuPont Crop Protection and DuPont Pioneer.
Sean Smith, CEO of Eden Research, commented: "The agreement with Corteva is a defining moment for Eden and clearly demonstrates the next major step in the development of a new product in the significant seed treatment market, whilst also expanding our product coverage to broad acre crops. Corteva is one of the largest agriculture input companies in the world and has extensive expertise in the seed treatments field. We are delighted to be working with Corteva to help meet the needs of farmers who are increasingly aware of the need to source sustainable farming inputs to ensure a greener future.
"Against a backdrop of the growing consumer sustainability agenda, we are excited about what our products and technologies have to offer food producers. This is just one of the first steps in realising our ambitions within agriculture and beyond, and we are very pleased to support global efforts to bring sustainable chemistry to market for important, consumer-facing uses."
Andre Negreiros, Seed Applied Technologies Leader, Europe, for Corteva, said: "We have seen very impressive results from the field trials carried out since the launch of the agreement with Eden Research and are excited to fast-track the introduction of this innovative solution to the European markets.
"We know from our research that more sustainable agriculture is a top priority for both farmers and consumers in Europe. Corteva Agriscience is committed to meeting demand for high performing and complete seed treatment solutions with an environmentally favourable profile, as outlined in our 2030 Sustainability Goals.
"This collaboration also reflects our approach to open innovation, leveraging collaborations around the world to pursue innovations that enhance growers' productivity, environmental sustainability, and keep growing what matters - now and for generations to come."