Corteva (CTVA) and FMC (FMC) said late Tuesday they have entered a co-exclusive supply and licensing agreement to expand access to FMC's rimisoxafen herbicide technology across North and South American corn and soybean markets.

Under the agreement, FMC will retain ownership of rimisoxafen and supply the active ingredient to Corteva, while both companies develop and market their own premix formulations, the companies said.

As part of the deal, which extends through the next decade, Corteva will make an initial prepurchase payment of $200 million for product to be supplied by FMC, according to a joint statement.