BASF has signed an agreement with plant biotechnology specialist Monsanto to create a long-term R&D and commercialisation joint venture that will focus on the development of high yielding crops that are more tolerant to adverse environmental conditions such as drought.
The collaboration will see the two companies invest a joint budget of $1.5bn, which will fund a dedicated pipeline of yield and stress tolerance traits for soybeans, cotton, corn and canola. The first products from the joint venture are expected to be commercially available in the first half of the next decade.
“We are excited about the collaboration with Monsanto, which is a strong partner with outstanding capabilities,” said Peter Oakley, a member of BASF's board of executive directors, responsible for agriculture, health and nutrition. “This is a great step forward in bringing to farmers high-yielding crops that help them to meet the increasing demand in both the food as well as renewable resources segments.”