German chemical and pharmaceutical company Bayer AG (BAY.XE) said Monday that Bayer CropScience AG and Monsanto Company (MON) have agreed to cross license their respective herbicide tolerance traits in rapeseed/canola on a non-exclusive basis for commercialization within their respective branded canola seed businesses.

Canola is a form of rapeseed primarily grown in North America and Australia. Under the terms of this global agreement, Monsanto will grant Bayer CropScience access to Monsanto's Genuity Roundup Ready canola trait and Bayer CropScience will grant Monsanto access to its LibertyLink tolerance trait for use in canola.

The agreement also includes specified rights to access, on a non-exclusive basis, future herbicide tolerance traits and other agronomic traits that may be introduced by either party for use in canola.

Further details of the agreement were not disclosed.

This global agreement between the two trait developers enhances the opportunity to bring new and improved solutions to growers.