GHENT, Belgium and ST. LOUIS, Sept. 14 /PRNewswire-FirstCall/ -- Devgen (Eurolist: DEVG) and Monsanto Company (NYSE: MON) today announced that they have signed an agreement in which Monsanto has agreed, subject to certain customary conditions, to subscribe to 1,045,400 Devgen shares at 17.22 euro/share, totaling euro 18 million (25 million $) and representing 5.9% of the outstanding capital of Devgen NV. Closing is expected to take place no later than November 2007.
It is anticipated that Monsanto's becoming a shareholder of Devgen will complement the ongoing collaboration and technology exchange agreements of the companies.
"Devgen has served as a key collaborator with our technology organization for several years," said Robb Fraley, Ph.D., Chief Technology Officer at Monsanto. "We're excited to build upon our strong working relationship with Devgen. We believe this is an important part of supporting our collective mission of discovering and delivering new agricultural technologies to the farm."
"We welcome Monsanto as a shareholder," said Thierry Bogaert, Chief Executive Officer of Devgen. "This strengthens Devgen's ability to develop and commercialize innovative biotech traits and seeds that meet farmers' needs."
Pol Bamelis, Chairman of Devgen, added: "We are pleased to strengthen our relationship with Monsanto. I would like to take the opportunity to acknowledge the merits of my predecessor, Mr Pierre Hochuli, in forging this relationship and to thank him sincerely for his significant contribution to Devgen's progress during his 5-year tenure as chairman of Devgen."
Devgen is a top 10 public agro biotech company with agricultural business units focused on developing and commercializing:
-- a novel generation of biotech products to protect a wide spectrum of
crops from damage incurred from pests;
-- biotech traits and germplasm to meet the growing needs for high
yielding, high quality hybrid rice and selected small grains in India
and S.E. Asia;
-- safer and more environmentally friendly agro-chemical products to
protect crops from damage inflicted by plant parasitic nematodes.
Devgen's biopharmaceutical division develops a new class of preclinical drug candidates, based on novel therapeutic concepts, for treatment of a range of inflammatory metabolic diseases (diabetes, obesity) and arrhythmia.
Devgen has entered in partnerships with industry leaders in biotechnology and agro chemistry. Incorporated in 1997, Devgen has offices in Ghent (Belgium), Singapore and Hyderabad (India), with a total work force of about 100 people. Devgen is listed on Eurolist by Euronext Brussels (ticker: DEVG) since June 2005. For more information on Devgen, please visit the company's web site: http://www.devgen.com.
Monsanto Company is a leading global provider of technology-based solutions and agricultural products that improve farm productivity and food quality. For more information on Monsanto, see: http://www.monsanto.com.
This press release may contain forward-looking statements containing the words "anticipates," "expects," "intends," "plans," "estimates," "may" and "continues" as well as similar expressions. Such forward looking statements may involve known and unknown risks, uncertainties and other factors which might cause the actual results, performance or achievements of Devgen to be materially different from any future results or achievements expressed or implied by such forward-looking statements. These forward looking statements speak only as of the date of publication of this document. Devgen disclaims any obligation to update such forward looking statements in this document to reflect any change in its expectations, conditions or circumstances on which such statement is based, unless required by law or regulation.
|SOURCE Monsanto Company|
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