Copyright 2000 St. Louis Post-Dispatch, Inc. St. Louis Post-Dispatch (Missouri)
March 24, 2000, Friday, FIVE STAR LIFT EDITION
SECTION: BUSINESS, Pg. C6
LENGTH: 409 words
HEADLINE: SHAREHOLDERS OK MONSANTO, PHARMACIA LINK; MERGER WILL CLOSE ON OR BEFORE APRIL 1
BYLINE: Andrew Skolnick; Special To The Post-Dispatch
DATELINE: SKOKIE, ILL.
BODY: The shareholders of Monsanto Co. Thursday afternoon overwhelmingly approved a merger with Pharmacia & Upjohn Inc.
$ 36 billion merger will combine the pharmaceutical resources of both
companies to compete better with larger drug maker rivals like Pfizer
Inc., the companies said in a news release.
Monsanto's headquarters is in St. Louis, the new company's headquarters
will be in Peapack, N.J., where Pharmacia & Upjohn is headquartered.
a special shareholders meeting at the North Shore Center for the
Performing Arts in Skokie, Ill, a handful of investors added their
votes to the submitted proxies representing more than 75% of Monsanto's
Robert B. Shapiro, Monsanto's chairman of the board and CEO, announced
that more than 95% of the votes were in favor of the merger under the
new name Pharmacia Corp.
"This is a
momentous day in the history of our company," said Shapiro as he
adjourned the meeting that took less than half an hour from start to
Earlier Thursday, Pharmacia &
Upjohn shareholders met at the Playhouse Theatre in Wilmington, Del.,
where the merger and name change also were approved overwhelmingly.
companies expect to close the merger on or before April 1. Shapiro will
become the non-executive chairman of Pharmacia Corp., which has
approximately 60,000 employees.
company will have an agricultural subsidiary, which will retain the
Monsanto name and will have headquarters in St. Louis.
Corp. will keep the drug division names Searle, Upjohn, and Pharmacia
to maintain the customer recognition of pharmaceutical products sold
under those labels.
According to Monsanto,
the companies had estimated sales of $ 17 billion in 1999. The combined
companies' annual budget for drug research will exceed $ 2 billion -
which officials say will put the company in a better position to
compete with larger rivals.
There was no
discussion on the floor before the vote, nor any suspense about its
outcome. "Don't blink or you'll miss it," said one of the stockholders
as he left the auditorium.
currently make a number of widely selling products, including
Pharmacia's baldness treatment Rogaine and Monsanto's arthritis
Shares of Pharmacia
rose 6 1/4 cents to close at $ 59.56 1/4 in trading on the New York
Stock Exchange Thursday, while shares of Monsanto rose $ 1 to close at
$ 49.37 1/2.
GRAPHIC: GRAPHIC (1) Color Graphic / Chart from Research/ROBERTSON, Graphic/ROBERTSON/KRT - 2 drug companies are becoming 1
Here's a look at Pharmacia & Upjohn and Monsanto, whose $ 36
billion merger is expected to close on or before April 1 creating the
world's 11th-largest drug company
Pharmacia & Upjohn Headquarters: Peapack, N.J. Thursday's share price: $ 59.5625, up .06325 Employees: About 30,000 CEO: Fred Hassan
Monsanto Headquarters: St. Louis Thursday's share price: $ 49.375, up to $ 1 Employees: About 30,000 CEO: Peapack, N.J. New company's CEO: Fred Hassan
(2) Color Graphic / Logo - Pharmacia & Upjohn (3) Color Graphic / Logo - Monsanto