Firms Extend Gene Technology Partnership

Monsanto Co. said it has extended its collaboration with Incyte Pharmaceuticals Inc. in a move that will give it nonexclusive access to genetic technology that can be used in its pharmaceutical and nutrition businesses. Terms of the multiyear agreement were not disclosed. The two formed the partnership last year to develop genes for use in plant biotechnology. Palo Alto-based Incyte maps the genetic sequence of a diverse range of organisms, including rats, plants, bacteria and fungi. “We expect to dramatically accelerate the commercialization of our current pipeline of agricultural, nutritional and pharmaceutical products as a result of this relationship,” Monsanto executive Ganesh Kishore said. The St. Louis-based company recently spun off its chemicals unit to focus on its agricultural, pharmaceutical and nutrition business. Monsanto shares fell $5 to close at $38.50 on the New York Stock Exchange; Incyte shares plunged $8.06 to $73.88 on Nasdaq.