Bayer CropScience pulls out of Myconate testing deal with Plant Health Care
18 December 2008
A collaboration agreement between AIM listed Plant Health Care and Bayer CropScience over the development of Myconate has been terminated by Bayer following discussions about the next phase of testing.
Plant Health Care said it agreed with Bayer’s termination of the agreement and believed the move was “best for all parties”.
As a result, Plant Health Care will not receive further payments from Bayer in 2009 but it said it was confident that revenues and profits for the full year would be in line with market expectations.
In January this year Bayer agreed to move forward with the second year of Myconate testing, which included making a milestone payment to Plant Health Care for the continuation of the agreement.
Nevertheless, Plant Health Care said 2008 had been “another year of successful trial results” and it was working with a number of parties including major agrichem companies regarding collaborations to further develop and commercialise Myconate.
It noted that as a result of these discussions it expects to conclude another significant development agreement in 2009.
In September Plant Heal Care agreed a separate long-term licence agreement with Bayer CropScience for the use of the company’s harpin genes in Brassica oilseeds.
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