MustGrow Biologics, an agriculture biotechnology company and Bayer, a multinational pharmaceutical and life sciences company, have signed an exclusive agreement to evaluate the former's biological technologies to determine efficacy and commercial potential in key agricultural regions
According to MustGrow, the agreement with Bayer further demonstrates the importance of innovation in sustainable technologies in agricultural regions around the world. The regions where this will be evaluated are Europe, Asia-Pacific, Middle East and Africa.
MustGrow has granted Bayer the right to use the company’s intellectual property for testing purposes and the option to acquire exclusive rights to MustGrow’s technologies for pre-plant soil fumigation, bioherbicide applications, and postharvest food preservation of potatoes, including sprout inhibition in the regions of Europe, Asia Pacific, Middle East and Africa.
As per the agreement, Bayer will fund and drive all laboratory, field development, regulatory work and market development necessary for commercialisation. MustGrow will continue to conduct field trials, R&D and regulatory development concurrently in other regions, collaborating with numerous agriculture, chemical products and consumer food companies.
MustGrow’s technology pipeline is focused on safe, effective, organic plant-based biopesticides that harness the mustard seed’s natural defence mechanism to treat diseases, pests and weeds. The company’s technology has shown consistent efficacy in many regions of North and South America, in multiple crops, covering many pests, over multiple years.
“We are thrilled to accelerate the development and understanding of our technology with Bayer in these important food-producing regions. I am hopeful that we potentially have a sustainable solution for farmers to help with key issues in their production of food,” said Corey Giasson, CEO of MustGrow. “Working with a leading global agricultural company like Bayer, who is focused on sustainable agriculture, is a tremendous opportunity for our organisation to see our technologies develop globally.”
Benoit Hartmann, head of biologics for Bayer Crop Science said, “At Bayer, we know that the challenges facing agriculture, both now and in the future, cannot be solved alone and we are looking forward to working with MustGrow. This new agreement will help Bayer to understand the potential of MustGrow’s novel biopesticide technologies and how they can accelerate the development of sustainable crop protection.”
Europe, Asia Pacific, the Middle East and Africa are expected to have represented roughly 56% of the global crop protection market in 2021. The global market is projected to have grown nearly 3% in 2021, with the Asia market leading this growth according to Agribusiness Global. The worldwide biopesticide market is expected to grow at a compound annual growth rate of 13.1% and reach US$10.63bn by 2027, driven by increased demand for organic food, elimination of synthetic chemical alternatives and intensifying efforts by governments and industry to use more sustainable products says research by Fortune Business Insights.