Tuesday, March 26, 2013
(Reuters) - DuPont Co will pay Monsanto Co at least $1.75 billion in a new licensing deal and both companies have agreed to dissolve their bitter legal battles over rights to technology for genetically modified seeds, the world's top seed companies said on Tuesday.
The companies agreed to drop antitrust and patent claims against each other while forging the new collaboration, and agreed to toss out a $1 billion jury verdict DuPont was ordered to pay Monsanto last August.
Separately, DuPont will make at least $1.75 billion in royalty payments over several years in exchange for broad access to Monsanto's leading genetic technology for the development of new agricultural seed products.
Monsanto shares finished up 4.4 percent at $103.79, while DuPont fell 0.3 percent to $48.97 by Tuesday's market close.
Monsanto, DuPont strike $1.75 billion licensing deal, end lawsuits | Reuters
Posted by JOlmsted at 6:46 PM