Redag Crop Protection – the Cheshire-based discovery business – has signed a major R&D agreement with one of the top ten players in the agrochemical market to collaborate on the development of new pesticides.
Redag Crop Protection will give exclusive access to two of its areas of chemistry and will apply its Redox SwitchTM methodology to create compounds with the potential to become new products. In return, Redag will receive multiple six-figure payments.
Ultimately Redag will enter into a development agreement with its partner for some of these compounds in exchange for multimillion milestone payments and royalties on sales. The deal comes less than nine months after Redag demerged from its parent company Redx Pharma and moved into new premises in Alderley Park with backing from The North West Fund for Venture Capital, existing Redx shareholders and new private investors in a transaction which was coordinated by Acceleris Capital.
Bill Thompson, CEO of Redag Crop Protection, commented: “Following the fundraising in October 2014 we have established our chemistry team in Alderley Park, Cheshire and continued to develop our science. Having successfully demonstrated the technical proof of our approach to key companies in the industry, this first collaboration underlines that commercial value.
“Both parties to the agreement see this as a first step in a long-term relationship. It is a significant milestone in our progress and reinforces Redag’s position as the engine of discovery in the crop protection market.”