DuPont pay $1.75 billion Monsanto’s patents infringement

DuPont to pay $1.75 billion for Monsanto’s patents infringement

7:08 AM, 28th March 2013
DuPont to pay $1.75 billion for Monsanto’s patents infringement

DELAWARE, US: DuPont agreed to pay $1.75 billion to Monsanto as part of a series of licensing agreements for genetically modified seed technology that spell a truce in the rivals’ bitter patent disputes. As part of the deal, the two companies will put aside a $1 billion jury award against DuPont for infringing Monsanto’s patents. DuPont’s payments will enable it to use Monsanto-developed traits in its own corn and soybean seeds.

The agreements extend to products that St Louis-based Monsanto will soon bring to the market, such as a soybean seed that survives application of the herbicide dicamba, as well as some existing Monsanto products. The two companies vie for dominance in the US corn and soybean market, which accounts for more than 180 million planted acres across the US. Monsanto is the world’s largest seed company, ahead of Wilmington, US based DuPont, although DuPont leads in US soybean seed sales.

“We want to focus on the marketplace, and get away from the courtroom. We’re very pleased to have them as a customer. Ending the legal disputes opens the door to ‘a more rational way to compete.’ It will enhance our ability to serve farmers’ needs by expanding our options to them,” said Paul Schickler, President, DuPont Pioneer.

© Dow Jones News



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