As part of the agreement, Corteva receives an exclusive license to a bioinsecticide based on the naturally occurring insecticidal virus, Helicoverpa armigera nucleopolyhedrovirus. The active ingredient targets larvae of African cotton bollworm, corn earworm and other Helicoverpa species. The unique technology allows efficient and sustainable control of these pests, which damage crops including soybeans, cotton, sorghum and corn.
Corteva also receives an exclusive license to a biofungicide that helps provide a disease-inhibiting protective shield around plants. Based on the active ingredient Bacillus velezensis (synonym B. amyloliquefaciens spp. plantarum), the biofungicide guards plants such as potatoes, fruits and vegetables against soil borne pathogens including Rhizoctonia.
Corteva will offer these technologies through its own brands in the U.S. market under the names Hearken™ bioinsecticide and Bexfond™ biofungicide, respectively.
“This is another demonstration of Corteva Agriscience’s continuous commitment to providing farmers a broad range of biological solutions. We are enabling additional tools for sustainable production, resistance management and residue management in exporting crops with proven, predictable performance; all of our biologicals are tested and meet Corteva Agriscience’s high standards in Research & Development,” said Susanne Wasson, President, Crop Protection Business Platform, Corteva Agriscience. “We’re pleased to work with Andermatt because they bring expertise and quality for our portfolio, as an established and recognized company in biologicals space for more than 30 years.”
“Combining Corteva’s knowledge and portfolio with our highest-quality biologicals will result in more robust and sustainable food systems for farmers,” said Russell Blair, CEO of Andermatt USA. “By reducing development of resistance, biologicals are natural complements to existing crop protection systems. We look forward to working with Corteva to accelerate the adoption of biologicals in U.S. agriculture.”
Corteva’s model for developing its best-in-class Biologicals portfolio combines external innovation, R&D collaboration, licensing, and distribution. This agreement demonstrates how Corteva is targeting collaborations that bring a broad range of external technologies, including well-established companies in the Biologicals space to expand access of a complete set of sustainable solutions in line with the Corteva Agriscience 2030 Sustainability Goals.
Terms of the agreement were not disclosed.
Corteva, Inc. (NYSE: CTVA) is a publicly traded, global pure-play agriculture company that provides farmers around the world with the most complete portfolio in the industry - including a balanced and diverse mix of seed, crop protection and digital solutions focused on maximizing productivity to enhance yield and profitability. With some of the most recognized brands in agriculture and an industry-leading product and technology pipeline well positioned to drive growth, the company is committed to working with stakeholders throughout the food system as it fulfills its promise to enrich the lives of those who produce and those who consume, ensuring progress for generations to come. Corteva Agriscience became an independent public company on June 1, 2019, and was previously the Agriculture Division of DowDuPont. More information can be found at www.corteva.com.
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About Andermatt USA and Andermatt Biocontrol AG
Andermatt USA is the U.S. subsidiary of Andermatt Biocontrol AG, a global pioneer in biological discovery and commercialization. For more than 30 years, Andermatt has focused on developing highest-quality and innovative biological products for both conventional and organic agricultural systems. Andermatt has a broad portfolio of novel biological products including bioinsecticides, biofungicides, biostimulants, seed treatments and bee health products. Andermatt: Healthy food, and healthy environment, for all. More information can be found at www.andermattbiocontrol.com.
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Forward-looking statements are based on certain assumptions and expectations of future events which may not be accurate or realized. Forward-looking statements also involve risks and uncertainties, many of which are beyond Corteva's control. While the list of factors presented below is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on Corteva's business, results of operations and financial condition. Some of the important factors that could cause Corteva's actual results to differ materially from those projected in any such forward-looking statements include: (i) failure to obtain or maintain the necessary regulatory approvals for some of Corteva’s products; (ii) failure to successfully develop and commercialize Corteva’s pipeline; (iii) effect of the degree of public understanding and acceptance or perceived public acceptance of Corteva’s biotechnology and other agricultural products; (iv) effect of changes in agricultural and related policies of governments and international organizations; (v) effect of competition and consolidation in Corteva’s industry; (vi) effect of competition from manufacturers of generic products; (vii) costs of complying with evolving regulatory requirements and the effect of actual or alleged violations of environmental laws or permit requirements; (viii) effect of climate change and unpredictable seasonal and weather factors; (ix) risks related to oil and commodity markets; (x) competitor’s establishment of an intermediary platform for distribution of Corteva's products; (xi) impact of Corteva's dependence on third parties with respect to certain of its raw materials or licenses and commercialization; (xii) effect of industrial espionage and other disruptions to Corteva’s supply chain, information technology or network systems; (xiii) effect of volatility in Corteva’s input costs; (xiv) failure to realize the anticipated benefits of the internal reorganizations taken by DowDuPont in connection with the spin-off of Corteva and other cost savings initiatives; (xv) failure to raise capital through the capital markets or short-term borrowings on terms acceptable to Corteva; (xvi) failure of Corteva’s customers to pay their debts to Corteva, including customer financing programs; (xvii) increases in pension and other post-employment benefit plan funding obligations; (xviii) risks related to the indemnification obligations of legacy E. I. du Pont de Nemours and Company liabilities in connection with the separation of Corteva; (xix) effect of compliance with laws and requirements and adverse judgments on litigation; (xx) risks related to Corteva’s global operations; (xxi) failure to effectively manage acquisitions, divestitures, alliances and other portfolio actions; (xxii) risks related to COVID-19; (xxiii) risks related to activist stockholders; (xxiv) failure to enforce Corteva’s intellectual property rights or defend against intellectual property claims asserted by others; (xxv) effect of counterfeit products; (xxvi) Corteva’s dependence on intellectual property cross-license agreements; and (xxvii) other risks related to the separation from DowDuPont. Additionally, there may be other risks and uncertainties that Corteva is unable to currently identify or that Corteva does not currently expect to have a material impact on its business. Where, in any forward-looking statement an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of Corteva's management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. Corteva disclaims and does not undertake any obligation to update or revise any forward-looking statement, except as required by applicable law. A detailed discussion of some of the significant risks and uncertainties which may cause results and events to differ materially from such forward-looking statements or other estimates is included in the "Risk Factors" section of Corteva's Annual Report on Form 10-K.
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