Mycogen Corp., a manufacturer of biopesticides, said Monday that Kubota Ltd. of Japan has agreed to make a $10-million investment in Mycogen. Mycogen sells an insecticide for the Colorado potato beetle and has several other products under development.
Kubota, a leading Japanese manufacturer of agricultural equipment, plans to buy 1.1 million shares of Mycogen, representing a 14% interest in its outstanding shares. The investment must be approved by the boards of directors of both companies. Kubota had fiscal 1989 sales of $4.7 billion.
In October, 1987, Kubota entered into a $6-million research and development agreement with Mycogen to develop certain bioinsecticide products.