Mycogen, Pioneer Hi-Bred International Inc. deal

MYCO and Pioneer (Des Moines) signed a letter of intent to develop insect-resistant transgenic corn, soybean and other plants using Bacillus thuringiensis (Bt) technology.

Pioneer has committed $51 million to the collaboration - $21 million in R&D funds and $30 million to purchase 3 million MYCO shares for a 13 percent equity stake. Following the transaction, MYCO will have 23 million shares outstanding. ...