Forage Genetics expands alfalfa footprintForage Genetics expands alfalfa footprint
FGI and Monsanto announce alfalfa commercial and research agreements to support innovation for alfalfa growers.
May 18, 2016
Forage Genetics International (FGI) and Monsanto announced that FGI has acquired all of the commercial rights from the parties' existing alfalfa research collaboration and that Monsanto has licensed to FGI certain intellectual property relating to its alfalfa traits and technology.
Monsanto received a one-time, upfront licensing fee of $210 million for these rights. The deal is expected to support the ongoing discovery and commercial delivery of innovative alfalfa seed products through the FGI and Monsanto seed brands as well as licensed partners.
FGI and Monsanto said the agreement will support the continued expansion of the commercial reach of alfalfa technology offerings, such as Roundup Ready Alfalfa and HarvXtra Alfalfa with Roundup Ready Technology, as well as bolster innovation for this crop in the coming seasons.
Monsanto noted that alfalfa continues to be a part of the company's portfolio approach, and it will continue to offer the same quality products through its DEKALB, Channel and regional seed brand dealer networks. In addition, Monsanto plans to invest in and evaluate the applicability of novel trait technologies for different cropping systems, including alfalfa.
FGI said alfalfa remains a strategic part of its forage portfolio, and it will continue to offer the same brands and quality products that are currently on the market. This deal provides FGI with great opportunities to deliver current and future alfalfa technology offerings in the key markets where it operates, positioning the company to invest in technology and advancements that will accelerate speed to market and add significant value for growers.
"Monsanto is committed to being the collaborator of choice within agriculture, and we see tremendous opportunity in expanding our network of partnerships. Through this agreement with FGI, we're able to expand our commercial and technology reach while bringing greater focus on unlocking resources to drive growth in our integrated solutions portfolio," said Mike Frank, vice president and chief commercial officer of Monsanto.
"Forage Genetics has always been interested in fully serving our customers and the grower with a complete alfalfa offering. This deal allows us to bring a complete offering to the table while opening all other doors to future advancements," FGI president Shawn Barnett said.
FGI is a subsidiary of Land O'Lakes Inc.
You May Also Like
Iowa turkey flocks confirmed with HPAIOct 23, 2023
Current Conditions for
New York, NY
Enter a zip code to see the weather conditions for a different location.
This Week in Agribusiness, Dec. 9, 2023Dec 09, 2023
Grains face modest end-of-week cutsAug 01, 2023
CN acquiring Iowa Northern RailwayDec 08, 2023
HPAI cases rising in California as virus spreads nationwideDec 08, 2023