Monsanto Company and the Regents of the
“We’re pleased that we’ve come to an agreement that will allow our dairy producer-customers to continue to use POSILAC bovine somatotropin,” said Carl Casale, Monsanto executive vice president for
“We will continue to focus on optimizing our dairy business, and to create and bring new products to our customers,” Casale said. “This agreement illustrates that we are willing to work jointly to resolve disputes, and it allows us to avoid the expense and inconvenience of protracted litigation.”
Terms of the agreement include:
· Monsanto is granted an exclusive commercial license under the University’s patent estate, including access under a patent which expires in 2023, for the manufacture of bovine somatotropin. Monsanto’s license is subject to certain rights maintained by the
· Monsanto will pay the University a $100 million upfront royalty and an ongoing royalty of 15 cents per dose of POSILAC sold to dairy producers with a minimum annual royalty of $5 million through the 2023 expiration of the University’s patent estate.
Monsanto press release