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| BASF and Monsanto expand joint venture to include biotech wheat |
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ST. LOUIS, Mo. — BASF and Monsanto announced they are expanding an existing biotechnology research collaboration, including to work on biotech wheat. The two companies – working within what they describe as the “world’s largest plant biotechnology collaboration” – are already focusing on corn, soybeans, cotton and canola.
The original project was started in 2007 with a dedicated budget of up to $1.5 billion. The companies said in a press release that “strong leads and commercial prospects in the collaboration’s early work” are leading them to invest an additional $1 billion.
For wheat, the two plan to focus on developing biotech products for the North American and Australian markets. They said the first enhanced yielding wheat product is expected to reach the market after 2020, followed by future generations of higher-yielding wheat varieties.
Products emerging from joint development are commercialized by Monsanto, with Monsanto receiving 60 percent of net profits and BASF receiving 40 percent. The first product likely to come out of the collaboration will be drought-tolerant corn, which should be available around 2012, pending regulatory approvals. |
| 7/28/2010 |
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