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| DEKALB will Appeal Jury Ruling on Licensing Agreement With Rhone Poulenc Agrochemie |
GREENSBORO, N.C., April 22 /PRNewswire/ -- DEKALB Genetics Corp. will seek
to have damage awards set aside by the trial judge after a jury ruling today
in U.S. District Court here in a lawsuit brought against DEKALB by Rhone
Poulenc Agrochemie (RPA). DEKALB also will ask to have the jury verdict
overturned. If necessary, DEKALB will seek an expedited appeal to the Fourth
Circuit Court of Appeals.
The jury awarded $15 million in damages for past sales of DEKALB's Roundup
Ready corn, $1 in nominal damages, and punitive damages of $50 million.
Yesterday, the jury ruled that a 1994 licensing agreement between DEKALB, a
seed company now owned by Monsanto Company, and RPA was not valid.
"We will immediately seek to have these awards set aside," said David F.
Snively, assistant general counsel -- litigation for Monsanto. "The awards
are clearly excessive given the fact that the dispute revolves around the
innocent failure of DEKALB to fully communicate the results from a single,
preliminary field test of corn developed using RPA's technology."
"While we are disappointed with this temporary setback, it will have no
immediate effect on our ability to offer growers Roundup Ready corn and we
will take all actions available to assure that no marketplace disruption
occurs. In addition to current products, next-generation Roundup Ready corn
products using Monsanto's proprietary technology should be commercially
available within 24 months."
At issue in this trial was a 1994 licensing agreement that granted DEKALB
rights to use certain RPA technology for corn tolerant to Roundup herbicide.
RPA alleged that the 1994 agreement was invalid because it was unaware of
specific results from a single, preliminary field test of corn developed using
this technology.
Monsanto and DEKALB believe that the license from RPA was valid and fairly
obtained, and that DEKALB had full rights to commercialize products developed
with the licensed technology.
Monsanto is a life sciences company, committed to finding solutions to the
growing global needs for food and health by sharing common forms of science
and technology among agriculture, nutrition and health. The company's 31,800
employees worldwide make and market high-value agricultural products,
pharmaceuticals and food ingredients.
SOURCE Monsanto Company
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CONTACT:
Scarlett Lee Foster of Monsanto, 314-694-2883
NOTE TO EDITORS: Roundup Ready is a trademark owned or licensed
by Monsanto and its subsidiaries
