Meiji Seika Kaisha, Ltd and BASF Sign Worldwide, Exclusive Insecticide Co-Development Agreement

LIMBURGERHOF, Germany (May 25, 2010) - BASF announced today the signing of an agreement with Meiji Seika Kaisha, Ltd. (“Meiji Seika”) for the co-development of an exciting new insecticide for the control of piercing and sucking insects, code named ME5343. Under the terms of the agreement, Meiji Seika granted a worldwide, exclusive license (except Japan, Taiwan and South Korea, where Meiji Seika will hold the exclusive license) to BASF to develop and commercialize the new insecticide. Further details of the agreement were not disclosed.

Representing both a new class of chemistry and a new mode of action, the insecticide was discovered in a research collaboration between Meiji Seika and The Kitasato Institute. The compound shows significant efficacy for the control of aphids, whiteflies and certain scales, mealy bugs and leaf hoppers, including those that have developed resistance to other insecticides. This new insecticide is expected to be launched in the Japanese market in 2014 and other markets in 2015. It has potential use applications in vegetables, fruit, vine, row crops, and ornamentals, and has shown to be effective as a foliar, seed, and soil applied treatment.

“This agreement combines BASF’s global market strength with Meiji Seika’s innovation skills, delivering an important and exciting new insecticide innovation to growers around the world,” said Markus Heldt, President of BASF Crop Protection division.

This new compound has been evaluated in research trials and is considered a high performance insecticide that ranks low in toxicity to beneficial arthropods, including pollinators, and is an ideal candidate for use in insect resistance management programs, according to researchers at both companies. While significant research on the development of this compound is planned, early results have been promising.

Other features of the compound include low toxicity to the environment, non-target organisms, including other arthropods, and mammals. With global regulatory requirements increasing, the compound is expected to meet evolving regulatory standards that may further restrict or force existing compounds off the market. Meiji Seika will submit the new compound for regulatory approval in Japan in 2012. BASF will submit for regulatory approval in the U.S., Brazil, and EU in 2013, with commercial launch planned for 2015.