Under the license agreement, UPL will obtain exclusive rights to develop, register and commercialize formulations of Flupyrimin for foliar applications in rice in Southeast Asia, expanding the on-going collaboration between the two companies with this compound.
In addition to this latest arrangement, in 2018, UPL's subsidiary and Meiji had entered into an exclusive licensing agreement for UPL to commercialize formulations of Flupyrimin for applications in rice in India. In 2020, the two companies signed a long-term global commercial exclusive agreement, excluding Japan, South Korea and Taiwan and non-exclusive in China, to use Flupyrimin in seed treatment and in-furrow applications.
Flupyrimin, discovered by Meiji, is a patented active ingredient and the only AI in the new mode of action subgroup, Pyridylidenes, defined by IRAC in 2021. It is a novel insecticide with unique biological properties that, among other benefits, is effective against major rice pests, such as brown plant hopper and rice stem borer, including those populations resistant to existing insecticides.
Together, both companies will continue their contributions to the development of differentiated solutions based on Flupyrimin to address farmer pain points and improve their livelihoods.
On a consolidated basis, UPL reported a 12.6% jump in net profit to Rs 944 crore on 2.6% rise in net sales to Rs 9,126 crore in Q3 FY21 over Q3 FY20.
UPL is a global provider of sustainable agriculture products & solutions. Through OpenAg, UPL is focused on facilitating progress for the entire agricultural value chain.
Shares of UPL gained 0.06% to Rs 674.80 on BSE. The scrip traded between Rs 668.05 to Rs 687.95 so far.