LONDON (CNI)--Swiss agrochemicals giant Syngenta and Japan’s Sumitomo Chemical announced on Wednesday that they have entered a licensing agreement for the development and marketing of SYN 523, a new broad-spectrum herbicide.
The first products incorporating the herbicide are expected to be launched in five to seven years, following development and registration.
Syngenta will continue to develop SYN 523 and will retain full worldwide rights. Sumitomo will receive royalty payments in addition to distribution rights on certain products in specific countries.
A spokesman for Syngenta said that it was too early to estimate the potential size of the market for products containing SYN 523. Further details of the agreement were not disclosed.