Syngenta Signs 20-Year, $200 Million Licensing Agreement
Syngenta announced it has signed a 20-year, $200 million agreement to expand its licensing agreements with KWS and Limagrain along with their joint ventures, AgReliant and Genective, under which Syngenta will provide rights to its current and future genetically modified corn traits portfolio in return for an upfront payment of $200 million and future milestone and royalty payments.
The deal was announced as the company reported that its sales increased by 2% for the first nine months of 2015 to $10.3 billion.
The firm’s biotech traits are developed at its site in Research Triangle Park in North Carolina, and although the company would not disclose whether the deal will create more jobs at the site, company spokesman, Paul Minehart stated that the deal was “further confirmation of the value of Syngenta’s innovative traits portfolio and biotechnology capabilities.”
Syngenta has been expanding its operations at its Research Triangle Park location, pledging to add 150 jobs by 2018, and in return the state has committed up to $2.98 million in incentive grants for the company.