Meiji Seika Pharma Co., Ltd. (“Meiji”) announced the signing of an agreement with Dow AgroSciences LLC, a wholly owned subsidiary of The Dow Chemical Company, for the co-development and commercialization of a new fungicide within a new class of chemistry.

Under the agreement, Dow AgroSciences and Meiji will co-develop and exclusively commercialize the compound for agricultural use in the companies’ respective marketing territories. The Meiji territory includes Japan, South Korea and some other Asian countries, while Dow AgroSciences’ will market the product in every other region around the world. Further details of the agreement were not disclosed.

The fungicide was discovered through a research collaboration between Dow AgroSciences and Meiji. The fungicide has potential use applications in cereals, vegetables, fruits and ornamentals, and has shown to be effective as a foliar treatment. The mode of action is new in cereal disease control and the compound does not show cross resistance to other modes of action.

Dow AgroSciences intends to submit for regulatory approval in the EU in 2014, with commercial launch expected in 2019. Meiji will submit for regulatory approval in Japan in 2015.