A deal for PDGM:
>>PRNewswire/ -- Paradigm Genetics, Inc. (Nasdaq: PDGM - news), a functional genomics
company, and Bayer AG (NYSE: BAYZ - news) today announced an extension and expansion
of their commercial partnership for herbicide discovery and development. Per
the agreement, the companies will collaborate on herbicide discovery for an
additional five years, with three years of committed funding, plus a two-year
option that would extend the collaboration to October 2006. Under the terms
of the contract, Paradigm will receive up to $30 million, including milestone
payments. Paradigm will also receive success fees for all products that reach
the market.
``This extension underscores the continued success of the collaboration between our two companies and the impact that functional genomics is having on product discovery,'' said John A. Ryals, Ph.D., President and CEO of Paradigm Genetics. ``Bayer's decision to extend our collaboration beyond the original scope is a strong endorsement of our high-throughput technologies, and the value of our data and the assays that we develop.''
``Our decision to extend and expand our partnership with Paradigm Genetics was based on the high level of success we have had to date,'' said Dr. Detlef Wollweber, Head of Research of the Crop Protection Business Group of Bayer. ``Paradigm continues to provide us with many validated herbicide targets, high- throughput screening assays, and together we are building a strong intellectual property position to secure the use of these technologies in herbicide research. We believe that this type of research will contribute to positioning Bayer into the top league of herbicide suppliers.''
Paradigm's herbicide partnership with Bayer began in October 1998 with the objective of discovering a portfolio of novel herbicide products that will be developed and marketed by Bayer. The term of the original agreement was three years with an option to extend the relationship another two. Under that agreement, Paradigm has received research and technical milestone payments, and will receive product development milestone payments and success fees on sales of any products resulting from the partnership.<<
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Cheers, Tuck |
