Dow AgroSciences and Monsanto Company recently announced a new business agreement between the two companies that allows cross licensing of products and technologies. Both companies say the outcome for farmers will be more accessibility to new products and technology.

In the agreement, Dow receives a commercial license to certain Monsanto seed stock and biotechnology traits. It also receives royalty-bearing rights to create and license finished hybrids, which combine Roundup Ready Corn 2 technology with Dow’s Herculex I and Herculex Xtra technologies, to licensees of Monsanto’s Roundup Ready Corn 2.

The two companies also established nonexclusive cross licenses of certain technologies, including their Bt patents.

The two companies have agreed to settle outstanding legal disputes. Mycogen is withdrawing its appeal regarding the synthetic Bt patent, and Monsanto is withdrawing its appeal regarding the Cry1F gene.

“We’re pleased to have reached a settlement that will bring new product options to the market and have a long-lasting impact for our customers,” reports Jerome Peribere, president and CEO, Dow AgroSciences.