Business
Update on Bayer Animal Health Agreement
Update on Bayer Animal Health Agreement.
About this update from Eden Research Plc
[{"type":"text","content":"\n \n \n RNS Number : 9990N\n Eden Research plc\n 27 May 2020\n \n \n \n \n 27 May 2020\n \n \n Eden Research Plc\n \n \n (\"Eden\" or \"Company\")\n \n \n Update on Bayer Animal Health Agreement \n \n \n Eden Research plc (AIM: EDEN), the AIM-quoted company focused on sustainable biopesticides and plastic-free encapsulation technology for use in global crop protection, animal health and consumer products industries, today announces that it has agreed to an amendment to its existing license agreement with Bayer Animal Health (or \"Bayer\") for animal health products.\n \n \n To progress the final development of a portfolio of Bayer products based upon Eden's technology and know-how, both parties have agreed to amend the existing license agreement to reflect several key changes. There will be an increased investment in the project, which has been facilitated in part by Eden's successful fundraise in March 2020. The amended agreement will allow Eden to contribute to the formulation development process by deploying its expertise with bio-active substances and formulations developed over a number of years.\n \n \n The Company has previously communicated that there have been some challenges relating to one important formulation. The amended agreement is designed to overcome these challenges and better meet Bayer's stringent product profile requirements through an expanded collaborative approach. \n \n \n Bayer remains committed to the commercialisation of up to four formulations, subject to Eden reformulation and testing, and Bayer evaluation and acceptance of reformulation and testing results. If for any reason Bayer does not advance the project, both parties have agreed that all elements of the intellectual property and know-how will transfer to Eden, including formulations, clinical and marketing data, market research, business plans, the associated brands and trademarks, and other information relating to the project.\n \n \n The amended agreement also specifically references the intention of the parties to enter into a supply agreement upon successful completion of the development work. The anticipated commercial launch of these products is a part of Eden's strategic priority for business line diversification and demonstrates the scope for further exploitation of the Company's core technologies and know-how beyond biop...