Davis, California, USA
January 30, 2017
Marrone Bio Innovations (MBI), Inc. (NASDAQ:MBII) and Nufarm Australia Limited announced today the signing of a commercial agreement to develop GRANDEVO® Bioinsecticide, with Nufarm to be the exclusive distributor in Australia and New Zealand (ANZ).
Grandevo is a new generation product that helps growers effectively protect their crops against chewing and sucking insects and mites including mealybugs, thrips, whiteflies, Lygus bug, armyworms and other pests. The active ingredient in GRANDEVO® is a unique species of non-living bacteria that produces insecticidal compounds during the fermentation manufacturing process.
GRANDEVO® provides resistance management in an IPM program, while not harming beneficial insects and pollinators. It is also exempt from the requirement of a food tolerance, and provides an effective solution for late season pest control on exported crops that are subject to maximum residue levels.
Dr. Pam Marrone, Founder and Chief Executive Officer of Marrone Bio Innovations said, "The completion of this agreement with Nufarm is the first of many agreements we expect in the execution of our growth strategy by expansion into receptive international markets."
Royden Hearn, ANZ Lead Portfolio Solutions at Nufarm said, "We are excited to be working with MBI and see GRANDEVO® as an exciting step forward in integrating biorationals into what we do. Combining this innovative product with Nufarm's expertise in trees, nuts, vines and vegetables will have a positive impact for farmers who need to do more with less."
"Nufarm has recently celebrated 100 years of servicing the ANZ market and continues to work with our channel partners, as a reliable supplier of competitively positioned quality products that meet the needs of a diverse range of growers. We continue to innovate and develop within Nufarm and work with partners, such as MBI, to deliver innovative products to a market that continues to change."
Both Australia and New Zealand represent significant opportunities for GRANDEVO®. Combined, horticulture crop protection revenues in these markets are estimated to exceed AUD$400m (USD$300m) annually (Source: Nufarm estimate).
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