Monsanto Co. will pay the University of California more than $100 million to settle the school's claim that the biotechnology company infringed on its patent related to a hormone that makes cows produce more milk. The university's Board of Regents and Monsanto made the announcement Monday as the bovine growth hormone case was scheduled to go to trial. The suit was filed in 2004. St. Louis-based Monsanto agreed to pay the school $100 million in upfront royalties and would pay 15 cents a dose, or at least $5 million annually, to license the patented technology, commonly called BST, in the future. The university's patent rights expire in 2023.

Posted by GEN-ERIC at 12:17:12 am into the following categories: In The News

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