Bayer CropScience Signs Wheat Seed Agreement
14 December 2010 Bayer CropScience AG and Evogene Ltd. have agreed to a five-year partnership that will utilize Evogene’s existing technologies to identify genetically modified and native traits in wheat.
The agreement aims to accelerate the development and introduction of wheat varieties with improved yield, drought tolerance, fertilizer use efficiency and other wheat traits, according to a press release.
“The wheat industry is facing challenges such as changing climate, the decline of mineral resources used for fertilizer and the need to increase crop yields,” said Bayer’s Chief Operating Officer Lykele can der Broek in a prepared statement. “We look forward to working together with Evogene in the area of wheat research to help tackle these issues.
Evogene will receive $20 million in upfront fees and annual research payments. They will also receive milestone payments and royalties on commercialization of any resulting products, according to the press release.
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