Monsanto, Drexel Seal IP Deal
Monsanto Co. and Drexel Chemical have reached a commercial agreement regarding patents Monsanto owns on the manufacture, use, and sale of certain types of glyphosate-based herbicides.
The May 4 agreement provides Drexel a license under Monsanto patents covering the manufacture of glyphosate using certain catalysts. Drexel also agrees to cease selling potassium salt glyphosate formulations in the U.S. in the future. Drexel will be able to sell its existing inventory of these products in an agreed upon timeframe. Monsanto had asserted Drexel’s sale of glyphosate formulations containing potassium salt of glyphosate violated specific Monsanto patents.
The specific terms of the settlement are confidential.
(Source: Monsanto Co.)