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Agriculture giant Monsanto has licensed CRISPR-Cas9 genome-editing technology from the Broad Institute for use in seed development, the company announced a step that will likely accelerate and simplify the creation of crops that are resistant to drought or have consumer-pleasing properties such as soybean oil with fats as healthy as those in olive oil.

But the deal comes with restrictions that speak to the startling power of CRISPR, as well as widespread public anxiety about genetically modified crops: Monsanto cannot use it for gene drive, the controversial technique that can spread a trait through an entire population, with unknown consequences.

German drugmaker Bayer and Monsanto are closing in on a deal, with Monsanto telling Bayer that it is "close" on price, sources told CNBC Tuesday.

Monsanto rejected Bayer’s $62 billion takeover offer, saying the biotech seed giant’s business merited a higher price, though Monsanto said it remains open to further talks on a deal.

Bayer said it would buy Monsanto for $66 billion including debt, creating one of the world’s largest agrichemical firms.

On Monday morning, Bayer unveiled a $62 billion unsolicited takeover offer for Monanto that values the company at $122 a share. At $122 a share, the bid is a 37% premium to Monsanto’s closing share price on May 9 and comes at a multiple of 15.8 times its previous twelve months of earnings before interest, taxes, depreciation and amortization.