Bayer And Symyx Expand Materials Science Agreement

Bayer AG and Symyx Technologies have expanded their research collaboration into the use of combinatorial chemistry to discover and develop new materials for the chemicals and electronics industries. The new agreement provides for the addition of two catalysis research programs and the expansion of a phosphor research effort.

Under the terms of the expanded partnership, Symyx will receive $13.4 million in guaranteed research funding over the first two and a half years of the collaboration, up from $8.1 million guaranteed in the original agreement, initiated in March 1998. Symyx will also receive royalties from products commercialized utilizing materials discovered under this agreement.

In addition, Bayer Innovation, a corporate venture fund of Bayer AG that invests in innovative high tech companies, has made an initial equity investment of $5 million in Symyx and has an option for another $5 million investment at the time of Symyx's initial public offering.

For more information, call 408-764-2054.