Hexima scores with DuPont
Thursday, 07 August, 2008
Hexima [ASX: HXL] is to partner with chemical multinational DuPont to develop a fungal disease resistance technology in crops such as corn and soybeans.
Under the agreement Hexima and DuPont subsidiary Pioneer Hi-Breed will combine a series of intellectual properties to create the technology. Pioneer will use its gene-shuffling technology while Hexima will offer its gene delivery technology.
Pioneer will own commercialisation rights for corn and soybeans and Hexima will manage all other crops. The first target is broad-spectrum disease resistance in corn, especially stalk rot.
Pioneer has agreed to purchase a five per cent stake in Hexima, or four million shares, at a price of $1.50 per share.
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