- Corporate Profile

MYCOGEN CORPORATION (Nasdaq: MYCO)

Business Description

Mycogen is a diversified agricultural biotechnology company that develops and markets technology-based seed and biopesticide products and provides crop protection services to control agricultural pests and improve food and fiber production.

Operating Segments

Seeds - Mycogen Seeds develops, produces and markets planting seeds for corn, soybean, sunflower, sorghum, alfalfa and other crops in North America and maintains extensive plant science research and breeding programs to develop seed products with insect-resistance and other value-added characteristics. Mycogen's first hybrid seed corn products genetically engineered with Bacillus thuringiensis (Bt) genes that give corn plants built-in resistance to European corn borer, were introduced for 1996 planting. Morgan Seeds, acquired in September 1996, is Argentina's third largest seed company and provides a base for sales growth in South America. Mycogen also moved to establish a sales base in Europe with the acquisition of a 19% equity stake in Verneuil Holding, a major European seed company based in France.
Crop Protection - Mycogen develops, manufactures and markets insecticides, fungicides and herbicides based on naturally occurring compounds, including microbial protein toxins and fatty acids. Six products currently are marketed in the U.S. and several are distributed internationally. The company's Soilserv subsidiary provides customized crop protection services to growers of high value crops in California and Arizona.

Goals & Strategy

Mycogen has made significant progress toward its goal of building a major integrated agribusiness company. In 1992, it acquired Agrigenetics Company, the 7th largest seed company in the U.S. and in February 1996, it acquired United AgriSeeds. As a result, Mycogen Seeds now ranks fourth in North American seed corn sales and is among the top five in soybean, sunflower, sorghum and alfalfa. In September 1996, Mycogen acquired Morgan Seeds, Argentina's third largest seed company, and in December, it took a 19% equity stake in Verneuil Holding, a leading European seed company. In 1995, Mycogen announced a major technology collaboration with Pioneer Hi-Bred International, the world's largest seed company. The two companies are now working together to transform several crops, including corn, soybean and sunflower, with Bt insect-resistance genes. Mycogen's strategy is to use its proprietary Bt technology to expand its portfolio of biopesticide products and develop planting seeds with built-in insect resistance. It is also using plant transformation and other advanced plant science techniques to develop corn, sunflower, canola, cotton and other crop plants with improved nutritional, chemical and fiber characteristics. In 1996, Mycogen acquired oil seed technology and assets from The Lubrizol Corporation and entered into an agreement to supply crude high oleic sunflower oil to AC Humko, a leading processor and marketer of specialty oils and food ingredients.

With 123 U.S. patents, more than 270 foreign patents and hundreds of additional patent applications pending in the U.S. and other jurisdictions as of August 31, 1996, Mycogen believes that it has a strong proprietary position for its Bt and plant science technology, including broad coverage of modifying Bt genes for improved pest-resistance in plants and resulting plant cells, plants and seed products. Mycogen also is using traditional plant breeding techniques to obtain pest resistance and other value added characteristics from native plant sources and is breeding them into its elite seed product parent lines.

History

Mycogen was incorporated in 1982, to apply biotechnology to develop environmentally compatible crop protection and pest control products. It has been a public company since 1987. To further R&D; programs and accelerate commercialization of its products, Mycogen has established corporate relationships with DowElanco, Pioneer Hi-Bred, Ciba Seeds, Japan Tobacco, and Kubota Corporation.

Please Email Questions about Mycogen to Mycogen's Corporate Communications

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Last updated 1/26/97 by [email protected]