16th Feb 2015 08:51
LONDON (Alliance News) - Plant Impact PLC shares were given a boost on Monday morning after the company said it has signed a further agreement with Bayer CropScience to develop yield enhancing technologies for soy cultivation.
Under the deal, Bayer CropScience will make payments to Plant Impact of up to USD9 million, comprising an initial USD3 million payment and up to USD6 million based on a range of milestones being achieved.
Plant said the deal is in addition to the one signed in August last year, under which Bayer markets Plant Impact's Veritas product in Brazil.
The new agreement extends the initial period of the Brazil Veritas agreement to ten years and also grants Bayer CropScience exclusive first rights of commercialisation over Plant Impact's current and future pipeline of products for soybeans throughout the Americas, Plant Impact said.
"This new partnership builds on the outstanding collaboration between our companies in Brazil, where Veritas has been successfully launched by Bayer CropScience in the 2014/15 season," said Plant Impact Chief Executive Officer John Brubaker.
Plant Impact shares were up 9.9% on the news to 39.69 pence, one of the best performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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