Monsanto and Devgen updated their research and technology exchange agreement, originally signed in 2007, giving Mosanto broader rights to Devgen's technology in exchange for 20 million ($26.5 million) in cash.
"We welcome the additional interest of Monsanto in broadening its access to Devgen trait technology in selected crops," says Thierry Bogaert, Devgen's CEO. "This agreement strengthens our cash position without affecting Devgen's rights in its crops of interest and reinforces Devgen's ability to execute its downstream trait and seed business plan."
Monsanto and Devgen's original agreement in February, 2007 was a five-year R&D agreement and a five-year technology exchange agreement, designed to allow each company to share technology advances for use in their respective crop areas of interest. Devgen purchased Monsanto's rice, sunflower, sorghum, and pearl millet businesses in the Indian subcontinent and Southeast Asia in late 2007.