DuPont (NYSE:DD) and Monsanto (NYSE:MON) have come to terms on a multiyear, multitechnology agreement that has DuPont making annual royalty payments to Monsanto totaling $1.752 billion, from 2014 through 2023. DuPont and Monsanto announced the new licensing arrangement in joint press releases.

The deal calls for DuPont Pioneer, a Dupont business, to offer Monsanto's soybean technologies in the U.S. and Canada, specifically the Genuity Roundup Ready 2 Yield by 2014, and the Genuity Roundup 2 Xtend soybeans by 2015, pending regulatory approvals. In addition to the royalty payments, Monsanto will receive access to DuPont Pioneer's disease-resistant and corn-defoliation patents.

The deal's financial arrangement has DuPont making annual royalty payments from 2014 to 2018, totaling a minimum of $802 million. DuPont will continue making annual payments to Monsanto on a per-unit basis for the life of the agreement beginning in 2018, subject to royalty payments totaling at least $950 million, until 2023.

The joint announcements also say DuPont and Monsanto have agreed to dismiss their respective antitrust and Roundup Ready soybean patent lawsuits.

Fool contributor Tim Brugger and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.