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Evogene allies with Syngentia to battle parasitic soy worms
By Yoram Gabison
Tags: soy, israel news, syngentia 

Israeli biological engineering company Evogene has signed a cooperation agreement with Syngenta, one of the world's largest seed and pesticide makers, to do battle on a soybean pest.

The two companies will join forces to develop soybean strains that are resistant to nematodes, a kind of parasitic worm that, in one form, lives underground and attacks plants.

Nematodes are a major cause of damage to soybean crops. Soybean growers report losing up to 20% of their crops due to the pest.
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In the United States alone, nematode damage to the soybean crop is estimated at $1 billion a year.

In the agreement, Evogene, which does genetic research for the agriculture and biofuel industries,, grants Syngenta an exclusive license to use genes identified by Evogene as potentially useful in developing nematode-resistant plant strains. Syngenta will examine the strains in its R&D facilities and have the right to market any new soybean strains it develops.

Syngenta will pay Evogene fees for research, as well as milestone payments and royalties from future revenues. According to industry practice, Evogene is likely to receive 4% to 6% of sales on proven success in general plant development and 12% to 18% of sales on proven success in developing the desired soybean strains.

The agreement with Syngenta complements deals that Evogene has concluded with other agrochemical giants such as Monsanto, which has a 13.6% stake in the Rehovot-based company, and Bayer, which works with Evogene on developing resistant rice strains.

During the last 12 months, Evogene's market capitalization on the Tel Aviv Stock Exchange has more than doubled, lifting the company's market cap to NIS 437 million. Yesterday Evogene stock gained 7.7% on heavy turnover of NIS 10 million.
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