Monsanto Company and Drexel Chemical announced that they have reached a Commercial Agreement regarding patents Monsanto owns on the manufacture, use and sale of certain types of glyphosate based herbicides.

This agreement provides Drexel a license under Monsanto patents covering the manufacture of glyphosate using certain catalysts.

Additionally in the agreement, Drexel agrees to cease selling potassium salt glyphosate formulations in the US in the future. Drexel will be able to sell its existing inventory of these products in an agreed upon timeframe. Monsanto had asserted Drexel's sale of glyphosate formulations containing potassium salt of glyphosate violated Monsanto patents covering the manufacture, use and sale of potassium salt of glyphosate formulations.

Specific terms of the settlement are confidential.

Drexel Chemical Company is a manufacturer/processor of a wide range of generic pesticides which are distributed throughout the US and world markets.

Monsanto Company is a leading global provider of technology-based solutions and agricultural products.