Sano M. Shimoda
BioScience Securities, Inc.

Technological innovation is creating a catalyst for new dimensions of growth and a corporate restructuring around the value creation potential of agriculture. This paper provides an overview of the recent commercialization of agricultural biotechnology. The key strategic themes that are driving the growth and commercial potential of agricultural biotechnology are discussed. In addition, the strategic drivers behind the initial wave of corporate activity are examined, along with the rationale behind the recent valuation of seed companies. It is argued that firms will need to be strategically positioned with respect to the technology-base, and that recent corporate actions are a reflection of this.
Key words: Biotechnology; strategic positioning; firm valuation; seed acquisition.