DuPont and Monsanto Co have agreed to dismiss patent infringement lawsuits against each other over some seed development technologies.

Monsanto had alleged that DuPont infringed some of its seed chipping patents, while DuPont had claimed that Monsanto infringed some patents related to seed processing.

The companies did not disclose the terms of the settlement on Tuesday.

DuPont and smaller rival Monsanto together dominate the U.S. seed industry. The two companies have been racing to develop improved crops through the use of genetic modifications and other means. (reut.rs/1HwRQC1)

The companies reached a licensing agreement last year, agreeing to drop certain antitrust and patent claims against each other.

DuPont shares were up 1.6 percent at $75.30 in late afternoon trading on the New York Stock Exchange, while Monsanto shares were up about 1 percent at $122.85.