Evogene to Receive $3.5 million Payment Related to Patent Portfolio under its Existing Seed Traits Collaboration with Bayer

Rhea-AI Summary

Evogene Ltd. (Nasdaq: EVGN) has announced that Bayer will pay the company $3.5 million as part of their joint seed traits collaboration agreement. This payment is linked to a restructuring of patent obligations under the agreement, where Evogene licensed genes for specific seed traits targeting crops such as corn, soy, cotton, and canola. The collaboration aims to enhance the development of life-science products through Evogene's innovative technologies, including MicroBoost AI, ChemPass AI, and GeneRator AI.

Positive

• Evogene receives a one-time payment of $3.5 million from Bayer.
• Payment related to a strategic collaboration that enhances patent portfolio.
• Collaboration focuses on genes for key crops (corn, soy, cotton, canola).

Negative

• None.

REHOVOT, Israel, Dec. 8, 2022 /PRNewswire/ -- Evogene Ltd. (Nasdaq: EVGN) (TASE: EVGN) (the "Company", "Evogene"), a leading computational biology company targeting to revolutionize life-science product discovery and development across multiple market segments, announced today that Bayer will pay Evogene an amount of $3.5 million under their joint seed traits collaboration agreement.

Under the collaboration agreement, Evogene provided Bayer with a license to genes discovered to address specific seed traits, for use in corn, soy, cotton, and canola. This one-time payment is part of a restructuring of the patent filing, prosecution, and maintenance obligations under the collaboration.

About Evogene Ltd.:

Evogene (Nasdaq: EVGN, TASE: EVGN) is a computational biology company aiming to revolutionize the development of life-science based products by utilizing cutting edge technologies to increase probability of success while reducing development time and cost. Evogene established three unique technological engines - MicroBoost AI, ChemPass AI and GeneRator AI – leveraging Big Data and Artificial Intelligence and incorporating deep multidisciplinary understanding in life sciences. Each technological engine is focused on the discovery and development of products based on one of the following core components: microbes (MicroBoost AI), small molecules (ChemPass AI), and genetic elements (GeneRator AI). Evogene uses its technological engines to develop products through subsidiaries and with strategic partners. Currently, Evogene's main subsidiaries utilize the technological engines to develop human microbiome-based therapeutics by Biomica Ltd., medical cannabis products by Canonic Ltd., ag-chemicals by Ag Plenus Ltd. and ag-biologicals by Lavie Bio Ltd.  For more information, please visit: www.evogene.com.

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Evogene Investor Contact:
Kenny Green Email: kenny.green@evogene.com Tel: +1 212 378 8040

 

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SOURCE Evogene

FAQ

What is the recent payment agreement between Evogene and Bayer?

Evogene will receive a one-time payment of $3.5 million from Bayer under their seed traits collaboration agreement.

What purpose does the $3.5 million payment serve?

The payment is part of a restructuring related to patent filing, prosecution, and maintenance obligations under the collaboration with Bayer.

How does Evogene's collaboration with Bayer impact its business?

The collaboration allows Evogene to enhance its patent portfolio and focus on developing traits for important crops.

Which crops are involved in the Evogene and Bayer collaboration?

The collaboration targets seed traits for corn, soy, cotton, and canola.