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Eden Research signs exclusive deal with Corteva Agriscience

Wed 12 May 2021 11:30 | A A A

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(Sharecast News) - Crop protection, animal health and consumer products bio-control technology company Eden Research announced the signing of an exclusive commercialisation, supply and distribution agreement with Corteva Agriscience on Wednesday, for its first seed treatment product.

The AIM-traded firm said the agreement followed successful evaluations of its products and technology by Corteva for select seed treatment applications since late 2019.

It said the agreement granted exclusive rights to Corteva for the development, commercialisation and distribution of Eden's first seed treatment product for use in the European Union, the United Kingdom and Serbia.

The product would be based on Eden's registered active ingredients delivered using its novel, patented 'Sustaine' encapsulation technology based on "natural, plastic-free biodegradable microspheres".

Eden and Corteva intended to collaborate on the evaluation of additional uses of Eden's products and technology in the seed treatment market, which was worth around $6.5bn (£4.6bn) annually, with an estimated annual growth rate of between 10% and 12%.

The board described it as a "significant" corporate milestone for Eden, marking its first foray into the use of its active ingredients and Sustaine technology in seed treatments, and the first use of its products and technology on broad acre crops, with "promising" future revenue potential.

Eden Research said the announcement did not change management's expectations in the short term.

"The agreement with Corteva is a defining moment for Eden and clearly demonstrates the next major step in the development of a new product in the significant seed treatment market, whilst also expanding our product coverage to broad acre crops," said chief executive officer Sean Smith.

"Corteva is one of the largest agriculture input companies in the world and has extensive expertise in the seed treatments field.

"We are delighted to be working with Corteva to help meet the needs of farmers who are increasingly aware of the need to source sustainable farming inputs to ensure a greener future."

Smith said that against the backdrop of a growing consumer sustainability agenda, the firm was "excited" about what its products and technologies could offer food producers.

"This is just one of the first steps in realising our ambitions within agriculture and beyond, and we are very pleased to support global efforts to bring sustainable chemistry to market for important, consumer-facing uses."

At 1607 BST, shares in Eden Research were down 10.69% at 13.62p.

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