BASF Plant Science, Genomine and POSTECH sign license agreement in plant biotechnology

Date:12-17-2009

• Focus on maximizing yields in crops such as rice and corn
• Second plant biotechnology agreement entered by BASF in South Korea

BASF Plant Science, Genomine, the South Korean venture company and POSTECH, the South Korean university, today entered a license agreement. Focus is on the discovery of genes that help maximize yields in staple food and feed crops such as rice and corn. This includes genes that increase yield under normal circumstances as well as under adverse environmental conditions such as drought.

"In today’s knowledge-based society, private-public collaborations such as this one will not only benefit the parties directly involved, but also benefit the country,” Professor Yang Do Choi, Director of the Korean Crop Functional Genomics Center, said. Over the past decade, South Korea has taken a leadership position in plant biotechnology research.

Our company is geared towards finding genes that help farmers get the most out of their crops,” said Dr. Jürgen Logemann, Vice President Technology Management, BASF Plant Science. ”The work carried out by Genomine and POSTECH perfectly complements our research activities. As a leader in the discovery of genes and the development of traits, we strive to expand our position through continuous interaction with key universities and research institutes,” he added. BASF Plant Science entered its first South Korean cooperation in 2007 with the Crop Functional Genomics Center, a major agreement involving 40 institutes.

"This agreement will serve as a framework to create a win-win strategy maximizing synergism of the three parties involved. Also, this partnership will accelerate commercialization of the technologies developed by Genomine and POSTECH,” Dr. Kyung Mok Park, CEO of Genomine, Inc., said. “I look forward to continuing our good relationship for mutual benefits.”

"The agreement with Genomine and BASF Plant Science enables POSTECH to benefit from commercial dynamism, innovation and efficiency,” explained Dr. Hong-Gil Nam, Professor at POSTECH. “It will leverage POSTECH’s technologies of plant functional genomics and the expertise of BASF Plant Science into further development and commercialization.”

POSTECH contributes to the agreement with its competencies in early discovery work. Additional competencies in gene discovery will be available through Genomine. BASF Plant Science is responsible for the further analysis and development of the genes in commercial crops, including rice and corn. The company brings better crops to farmers though collaborations with leading companies in the seed industry.

Financial details of the agreement were not disclosed.