July 24, 2006
COLUMBIA, Md.—With its steady foothold in the infant formula market, Martek Biosciences Corp. (NADAQ:MATK) has begun its march into the market for adult products, signing a license and supply agreement with General Mills Inc. (NYSE:GIS) for the use of docosohexaenoic acid (DHA) in food products. Financial terms of the deal were not disclosed, but the 15-year agreement calls for the development of General Mills food products containing Martek DHA, the first launching in 2007, with the Martek logo displayed on any such products in addition to its use in promotional and advertising materials. While the deal does not include any minimum purchase requirements or other financial commitments, it does obligate General Mills to purchase any DHA from Martek.
“The General Mills agreement is another step toward widespread use of Martek’s vegetarian source DHA in foods and beverages,” Henry “Pete” Linsert Jr., chief executive officer (CEO) of Martek. “I believe that people’s health will be better for it.”
In related news, Martek (www.martekbio.com) inked another infant formula deal, entering a license and supply agreement with Namyang Dairy Products, a South Korean infant formula company. Under the pact, Namyang is permitted to use Martek fatty acids, including DHA and arachidonic acid, in infant formula sold in South Korea.
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