Corteva has officially split in two, AgNavigator reports: Corteva relaunches with a tighter focus on crop protection, and its advanced seed and genetics business is now a separate listed company, Vylor. Vylor's shares ended their first day of trading at $67.74, up 2.64 percent from the initial price.
The split was announced on 1 October last year, when the then chief executive Chuck Magro said the seed and crop protection markets had evolved and their opportunities were diverging. Magro now leads Vylor; Luke Kissam is chief executive of Corteva. "This is a new day for Corteva," Kissam said, promising greater focus and agility.
Both companies say innovation stays central, with research pipelines valued at $11 billion for Corteva and $19 billion for Vylor. At its investor day on 15 September Corteva said it expects to launch 12 new crop protection products in the next decade, including five biologicals, with roughly $4 billion in peak revenue, and plans to counter generic competition by mixing active ingredients and moving into new claims.
Vylor expects $11.2 billion to $11.9 billion in net sales by 2029, annual growth of 3 to 4 percent, and projects $500 million in gross licensing income in 2027, rising to $1 billion by 2035 and $2 billion by 2040. It plans to advance corn, soybean and wheat traits, including hybrid wheat, gene editing and biofuel crops, and its Vylor Edge investment platform takes over the partners of Corteva Catalyst.
Source: AgNavigator
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