MustGrow Biologics agrees to commercial licence agreement with Bayer covering Europe, Middle East and Africa
Vancouver
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December 11, 2023 01:37 PM Eastern Standard Time
MustGrow Biologics CEO Corey Giasson joined Steve Darling from Proactive to share news the company has signed a collaboration agreement with Bayer AG that focuses on the soil applications of MustGrow's mustard-based biocontrol technologies across Europe, the Middle East, and Africa (EMEA).
It's important to note that this collaboration excludes home and garden, turf, and ornamental applications.
Under this collaboration agreement, MustGrow Biologics is set to receive an initial upfront payment. Moreover, the company stands to gain additional payments tied to the achievement of specific business milestones.
As a significant milestone, once commercial sales commence, MustGrow will also be entitled to receive fees from royalties and manufacturing sales.
The financial implications of this collaboration are substantial, with MustGrow anticipating that the combined value of upfront payments, milestone achievements, and Development Work could amount to an impressive sum ranging from US$35 to $40 million over several years. This projection does not even include the potential additional revenue from royalties and manufacturing sales.
This partnership between MustGrow Biologics and Bayer reflects the growing recognition of MustGrow's innovative and environmentally friendly biocontrol technologies, which have the potential to revolutionize agriculture and contribute to sustainable farming practices across the EMEA region.
The collaboration marks a significant step forward for both companies, positioning them as key players in the global agriculture industry's ongoing quest for effective, sustainable, and eco-friendly solutions.
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