April 24, 2009 / 6:39 AM / 9 years ago

UPDATE 1-Monsanto, Devgen extend technology deal

* Deal worth 20 mln eur

* Extends research, technology deal signed in 2007

(Adds detail)

BRUSSELS, April 24 (Reuters) - Belgian biotech group Devgen DEVG.BR said it received 20 million euros ($26.34 million) from Monsanto (MON.N), the world’s biggest seed company, after agreeing to expand Monsanto’s rights to Devgen technology. The deal bolsters the research and technology agreement Monsanto and Devgen inked in 2007, but allows Monsanto broader access to Devgen’s technology, Devgen said in a statement on Friday.

    “This agreement strengthens our cash position without affecting Devgen’s rights in its crops of interest and reinforces Devgen’s ability to execute its downstream trait and seed business plan,” said Devgen Chief Executive Thierry Bogaert in a statement.

    Devgen did not disclose additional details of the updated deal. ($1=.7592 Euro) (Reporting by Anne Jolis; editing by Simon Jessop)

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