Nomad Bioscience, a plant biotechnology company, has announced that the company has entered into a strategic joint research and development agreement with Bayer CropScience, Monheim, Germany.

The multi-year collaboration continues an earlier research program and provides Bayer CropScience broad exclusivity with regard to crop species and plant traits. The financial and other material provisions of the agreement were not disclosed.

Dr. Yuri Gleba, Nomad's CEO said: "Since the advent of genetically engineered plants that have been first produced in 1982 and commercialized in 1994, this is the only new technology with huge business potential, one that allows to extract value in agriculture in an entirely different way. To bring it to the market is a massive undertaking, and we are extremely happy to have one of the largest agribusiness companies as our strategic partner.