Monsanto Company and Pharmacia & Upjohn today announced that the European Commission has cleared the planned merger of the two companies. Based on the European approval, the companies confirmed plans to close the merger on Friday and to begin trading as Pharmacia Corporation on Monday.

In relation to the European Commission ruling, the two companies have agreed to divest a few
immediate-release analgesic products marketed by Pharmacia & Upjohn in Sweden. Sales of these products are not significant and are immaterial to the overall transaction.

Pharmacia Corporation will have one of the strongest sales forces in the global pharmaceutical industry, an expansive product portfolio, a robust new product pipeline, and an annual pharmaceutical R&D budget of more than $2 billion. Pharmacia Corporation also will have one of the world's leading fully integrated agricultural businesses.

Pharmacia Corporation's corporate and pharmaceutical business headquarters will be in Peapack, N.J. The agricultural business headquarters will be in St. Louis and will retain the Monsanto name. 

Company news release
N2615