Monsanto increases investment in Mendel (Reuters)
15.10.2007 07:32 Science - Source: Yahoo Science
Mendel, based in Hayward, California, will also use the proceeds to repurchase shares from current holders of stock and options, slightly increasing St. Louis-based Monsanto's stake in the company.
The companies did not disclose additional financial details.
Since Mendel was founded in 1997, the company has worked with Monsanto to support the discovery and development of new technologies for agriculture.
Mendel has identified and patented the use of genes that control many aspects of plant growth and development. It is using such inventions to develop new plant varieties with improved productivity and quality.
Monsanto has exclusive royalty-bearing licenses to Mendel technology in certain large-acreage crops, including soybeans. In return Monsanto pays Mendel to perform research and provides commercial rights to key technologies.
Mendel lately has been working on developing dedicated energy crops for the biofuel industry.
"Mendel has been an important collaborator for us, and their research continues to play an important role in the development of new products for the farm," Steve Padgette, vice president of biotechnology at Monsanto and a Mendel board member, said in a statement.
(Reporting by Carey Gillam)
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