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  • mrwigglestaff mrwigglestaff Mar 21, 2007 11:45 PM Flag

    BASF, Monsanto Partner

    Associated Press
    BASF, Monsanto Grow Plant Biotechnology
    Associated Press 03.21.07, 8:45 AM ET

    BASF AG, the world's largest chemical maker, and Monsanto Co. said Wednesday they will partner in a long-term plant biotechnology agreement to develop high-yielding and drought-resistant crops.

    The companies will have a potential joint budget of up to $1.5 billion to fund a dedicated development pipeline of yield and stress tolerance traits for corn, soybeans, cotton and canola. The pipeline will include the companies' existing and planned yield and stress tolerance programs, as well as projects generated by independent plant biotechnology discovery and research from each company.

    The first product to be developed from the joint effort is expected to be commercialized in the first half of the next decade. Agricultural products maker Monsanto (nyse: MON - news - people ) will commercialize all products and receive 60 percent of the profit. BASF (nyse: BF - news - people ) gets 40 percent.

    The companies also signed a separate collaboration agreement to research methods to control the soybean cyst nematode, a parasitic pest that can reduce or destroy crop yields.

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