The biotechnology giants Monsanto and Dupont-Pioneer have struck a deal to end lawsuits and start licensing of products.
Under the agreement reached by the two companies, DuPont Pioneer will be able to offer the Monsanto patented biotech traits.
Pioneer CEO, Paul Schickler says the agreement is very attractive for Du-Pont Pioneer. Monsanto has always had a strategy to license their traits broadly.
In 2014, Pioneer will be able to offer Genuity Roundup Ready 2 Yield soybeans and in 2015, pending regulatory approval, will be able to sell Genuity Roundup Ready 2 Xtend glyphosate and dicamba tolerant soybeans.
The one billion dollar court judgement against DuPont-Pioneer will go away under this agreement.