Lavie Bio Ltd., a prominent agricultural biotechnology company specializing in microbiome-based bio-stimulants and bio-pesticides, and a subsidiary of Evogene Ltd., has announced the successful acquisition of the second installment of the advance payment amounting to $2.5 million from Corteva. This achievement follows the fulfillment of the conditions outlined in the licensing agreement signed in July 2023, marking the completion of the $5 million advance payment as agreed upon.
The agreement, inked in July 2023, grants Corteva exclusive rights for the further development and commercialization of Lavie Bio’s leading bio-fungicide product candidates, designed to combat fruit rots and powdery mildew. These innovative candidates originated from Lavie Bio’s BDD technology platform, empowered by Evogene’s MicroBoost AI technology.
In September 2023, Lavie Bio received the initial $2.5 million installment, and now, with the second half secured, all stipulated requirements from Corteva have been met.
In addition to the advance payments, Lavie Bio stands to gain further through future milestone payments and royalties based on Corteva’s anticipated sales of these products.
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