Landec Announces End of Monsanto Agreement and a Return of All Rights
Landec Corporation (Nasdaq: LNDC), today announced that Monsanto Company has informed Landec that Monsanto is shifting its focus to other areas of research and development and is reallocating resources to those areas. Accordingly, Monsanto has indicated that it intends to allow the co-exclusive technology license agreement between Landec and Monsanto to expire in accordance with its terms on December 1, 2011.
The agreement was originally entered into in December 2006, in connection with the sale of Fielder's Choice Direct to Monsanto, as a five-year co-exclusive technology license and polymer supply agreement covering Landec's Intellicoat^® polymer seed coating technology. The agreement was amended in November 2009 to grant certain limited rights to Monsanto for seed applied controlled release applications.
