Cheminova A/S and Eden Research plc, a leading UK agrochemical development company, have entered into an exclusive licensing agreement for Europe, CIS and the Americas for Eden’s terpene-based botrytis products. The agreement is excluding certain European countries (mainly in the Balkans) already under licence to a third party.
The fungus Botrytis cinerea is very common in nature and causes diseases on a wide variety of high value crops most notably botrytis grey mold on grapes. Grey mold can cause serious losses on susceptible grape varieties. Losses result from the rotting of grapes in the field or in storage, such that infected fresh grapes are unpalatable to the consumer and produce inferior juice and wine.
Eden’s proprietary terpene-based products offer effective, natural control of botrytis in a wide range of crops.
Eden and Cheminova will work in partnership to develop the botrytis products and obtain EU-level approval. Cheminova will take over the responsibility for registration and sales in the countries, which are included in the agreement.
The licence agreement provides for Cheminova to make up front and milestone payments of up to 2.2 million EUR plus royalty payments once marketing of the products commences.
Jesper K. Hansen, Vice President, Sales & Marketing of Cheminova says: “Eden Research’s terpene technology offers an exciting opportunity to develop novel, proprietary products that will complement our product portfolio well. We look forward to working with Eden Research to explore commercial opportunities for their technology in other plant protection segments beyond botrytis control”.
Tim Griffiths, Chief Executive of Eden Research says: “This is an exciting agreement and a significant step on our way towards commercializing our product portfolio across the world. We look forward to working with such an industry leading partner as Cheminova and this deal will enable us to speed up the commercialization process, which in turn will deliver value to our shareholders.”
For further information, please contact Jesper K. Hansen, Vice President, Sales and Marketing, Cheminova, Denmark, telephone: +45 9690 9690.
May 14, 2007
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