- Bio-Gene Technology (BGT) enters global collaboration with Israel-based STK Bio-Ag Technologies
- The partnership gives STK non-exclusive development and commercialisation rights for Qcide for crop protection applications
- It follows a confidential material transfer agreement inked between the companies back in 2021
- The crop protection market continues to grow and is valued at around US$16.6 billion (A$24 billion) per annum
- BGT shares last traded at 12 cents at 4:10 pm AEDT
Agtech development company Bio-Gene Technology (BGT) has agreed to enter a global collaboration with STK Bio-Ag Technologies.
STK is an Israel-based Agtech company most known for its botanical-based solutions for crop protection.
The partnership gives STK non-exclusive development and commercialisation rights for Qcide for crop protection applications. The company uses advanced botanical science and bio-ag technology in the development and commercialisation of botanical crop protection solutions, and has operations and product registrations in more than 30 countries.
The company said the crop protection market is valued at around US$16.6 billion (A$24 billion) per annum and continues to grow as the largest market segment for insecticides globally.
The deal follows a confidential material transfer agreement inked between the companies back in 2021, which assessed Qcide across different potential applications.
Bio-Gene CEO Richard Jagger said the term sheet caps off the company’s longstanding efforts working alongside STK.
“STK has been working intensively with our technology for some time now, and the data they have obtained give both companies great confidence in the applicability for STK’s target markets,” he said.
“Not only does STK see the commercial potential for our technology, but they see the benefit in collaborating with Bio-Gene to accelerate the registration process; to invest in an additional production base; and to explore mutually beneficial marketing arrangements.”
STK will fully fund registration costs relating to the Qcide active ingredient as part of the partnership, however, Bio-Gene will obtain the IP relating to it.
Bio-Gene has the option to work with other commercial partners in the development and commercialisation of products in all market segments, both in crop and non-crop applications, in the meantime.
Both parties have agreed to look at the potential for Bio-Gene to become a sale agent for STK product in Australia and New Zealand.
STK will also use its expertise in plantations and extraction technology to develop a secondary manufacturing and supply source for Qcide.
Binding terms have been agreed between the parties, leaving up to 90-days to finalise the paper work for the deal. The collaboration will last for as long as the USA EPA registration remains in place.
BGT shares last traded at 12 cents at 4:10 pm AEDT.