DuPont to Acquire Verdia Subsidiary of Maxygen

(Redwood City, CA, USA), a subsidiary of Maxygen, Inc. (also in Redwood City).

DuPont plans to purchase the plant sciences company for U.S.$64 million in cash. DuPont will have worldwide, royalty-free rights to use Maxygen's MolecularBreeding directed evolution platform, known as gene shuffling, for agricultural applications across its agriculture and nutrition platform. DuPont plans to retain Verdia's name.

Scientists at Verdia and another DuPont subsidiary, Pioneer Hi-Bred International, unveiled the first agricultural trait developed through gene shuffling in the May 21, 2004, issue of Science. Pioneer currently has this trait, glyphosate resistance, in field tests in corn and expects to have it on the market within the next five to six years. DuPont will be able to tap Verdia technology and expertise to improve plants' health benefits, nutritional value, and taste for the consumer market while also improving processing attributes for food manufacturers.

"Verdia will significantly enhance our gene research and trait discovery capabilities,” said Jim Miller, DuPont vice president, crop genetics research and development. "The technology should allow us to reach research targets up to three years faster and more efficiently.”




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