Mitsui Chemicals Agro, Inc. (MCAG) and BASF Sign Agreement for New Insecticide

TOKYO, JAPAN and LIMBURGERHOF, GERMANY--(Marketwired - Jun 11, 2014) - Mitsui Chemicals Agro, Inc. (MCAG) and BASF announced today the signing of an exclusive global development and license agreement for a new insecticide (MCAG's development code "MCI-8007").

Under the terms of the agreement, MCAG has granted BASF a worldwide, exclusive license to commercialize the new insecticide, except in Japan and some other countries where MCAG will hold the exclusive and/or co-exclusive rights. 

Featuring a new mode of action, the active ingredient will provide growers and pest management professionals with a unique and attractive solution. It will also be an important rotation partner in managing insect resistance.

Intended use applications for the new insecticide include leafy vegetables, fruiting vegetables, soybeans and other legumes, cotton, corn and rice as well as urban pest control settings. It will control many problematic insects, including caterpillars and beetles in specialty and row crops as well as termites, ants, cockroaches and flies in the professional pest management market.

"BASF is committed to delivering innovative insect control solutions to growers and pest management professionals. This new, highly-effective active ingredient enhances BASF's insecticide pipeline, providing complementary chemistry to our current and future solutions," said Markus Heldt, President of BASF's Crop Protection division.

"This new molecule was discovered by MCAG. We are very glad that the joint development has been started with BASF on a global basis. MCAG believes that this new insecticide can contribute to the improvement in food production and living environment in the world," said Takehiko Kanai, President of MCAG.

Both companies intend to develop unique formulations for specific markets and applications. Significant research over the next three years will continue, with the first registration submission in 2016 for Japan, with other markets following in 2017.

The agreement remains subject to relevant governmental approvals. Additional details of the agreement were not disclosed.

About Mitsui Chemicals

Mitsui Chemicals (ISIN: JP3888300005), which traces its roots back to 1912, has an annual sales of US$ 15,660 million in the fiscal year ending March 2014 and more than 135 companies with 14,500 employees in 27 countries. As one of Japan's leading chemical companies, Mitsui Chemicals contributes broadly to society by providing high-quality products and services to customers through innovations and creation of materials and products while keeping in harmony with the global environment. Mitsui Chemicals' business portfolio includes healthcare, automotive materials, food packaging, energy, agrochemicals, and others.