Devgen completes acquisition of seed assets from Monsanto
subsidiaries in India and Monsanto Company subscribes to Devgen
Ghent, Belgium, October 31, 2007 - Devgen today announced it has
completed the acquisition of certain Monsanto assets in India.
Devgen also announced that Monsanto Company subscribed to 1,045,400
Devgen shares at a price of ¤ 17.22 per share.
Devgen has finalized the acquisition of Monsanto's hybrid rice,
sunflower, sorghum and pearl millet businesses and certain other
assets in India, as announced on September 14, 2007. The acquisition
of business assets in Pakistan and the Philippines will be completed
upon incorporation of local affiliates.
In a separate transaction, Monsanto Company has subscribed to Devgen
shares in the amount of 18 million ¤ (US$ 25 million), representing
5.9% of the outstanding capital of Devgen. The new shares were issued
and paid for on October 31, 2007. Devgen will apply for admission of
the new shares on Eurolist by Euronext Brussels.
Devgen is a top 10 public agro biotech company with agricultural
business units focused on developing and commercializing:
* a novel generation of biotech products to protect a wide spectrum
of crops from damage incurred from pests;
* biotech traits and germplasm to meet the growing needs for high
yielding, high quality hybrid rice and selected small grains in
India and S.E. Asia;
* agro-chemical products with a safer and more environmentally
friendly profile to protect crops from damage inflicted by plant
Devgen's biopharmaceutical division develops a new class of
preclinical drug candidates, based on novel therapeutic concepts, for
treatment of a range of inflammatory and metabolic disease (diabetes,
obesity) and arrhythmia.
Devgen has entered into partnerships with industry leaders in
biotechnology and agro chemistry. Incorporated in 1997, Devgen has
offices in Ghent (Belgium), Singapore and Hyderabad (India), with a
total work force of about 160 people, including Devgen Seeds and Crop
Technology in India. Devgen is listed on Eurolist by Euronext
Brussels (ticker: DEVG) since June 2005. For more information on
Devgen, please visit the company's web site: www.devgen.com
For more information, please contact:
Hilde Windels, CFO
+32 9 324 24 24