Israeli ag biologicals company Lavie Bio says it secured the second half of a $5 million advance payment as part of a licensing agreement with agricultural chemical and seed company Corteva.
The companies signed an agreement in July 2023 to grant Corteva exclusive rights to further develop and commercialize biofungicides to target fruit rot and powdery mildew, according to a news release. Lavie Bio, a subsidiary of Evogene Ltd., said it identified and developed these products through its BDD technology platform, powered by Evogene’s proprietary MicroBoost AI tech-engine, which uses data, artificial intelligence and advanced information to discover and develop biostimulants and biopesticides.
Following an initial $2.5 million installment received in September 2023, Lavie Bio said it has fulfilled licensing agreement requirements set by Corteva and secured the second portion of the advance payment.
Lavie Bio will now be eligible for future milestone payments and royalties from future Corteva sales, according to the release.
“We’re pleased to achieve this milestone in our collaboration with Corteva,” Lavie Bio CEO Amit Noam said in the news release. “The agreement not only showcases Lavie Bio’s technological capabilities, but also enables us to swiftly introduce groundbreaking ag-biological solutions that will benefit farmers, consumers and the environment.”
