Source: KeyGene news release

KeyGene announced a license agreement with BASF Plant Science, the plant biotech company of BASF. The respective intellectual property covers rights on genes that confer resistance to plant pathogens such as insects, fungi and nematodes. Under the terms of the agreement, BASF Plant Science will grant KeyGene milestone payments during the development phase as well as royalty payments on the commercialized crops. Financial details were not disclosed.

"We are very pleased with this agreement," said Wim-Jan Koot, KeyGene's vice president of IP and IP commercialization. "It shows that major biotech companies recognize our intellectual property and support our strategic decision to explore new business models in order to maximize the value of our IP-portfolio."

"Equally important, the agreement also reflects our growing position in the field of plant disease resistance," he added. "The agreement with BASF Plant Science offers great potential for KeyGene to collaborate with other plant breeding companies in the plant resistance field."