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P&U, Monsanto pick name
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January 27, 2000: 5:18 p.m. ET
Merger partners will call combined drug company Pharmacia Corp.
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NEW YORK (CNNfn) - Monsanto Co. and Pharmacia & Upjohn Inc. announced Thursday that Pharmacia Corp. will be the name of their merged company upon completion of their $26.6 billion merger announced last month.
"'Pharmacia' captures the focus of the new organization as an exceptionally fast-growing core pharmaceuticals business in the top tier of the industry," Pharmacia & Upjohn CEO Fred Hassan said, who will head the combined company.
The names Pharmacia, Upjohn and Searle, the name of Monsanto's pharmaceutical division, will be used for different sales divisions of the new company.
As part of the merger, which is expected to close by the summer, the companies agreed to partially spin off Monsanto's agricultural division. The new, separately traded unit, which produces the top-selling weed killer Roundup, as well as genetically altered corn and soybean seeds, will be called Monsanto.
Monsanto's Searle division produces the blockbuster painkiller Celebrex. Pharmacia & Upjohn's pharmaceutical products include growth hormone Genotropin, glaucoma treatment Xalatan and the incontinence pill Detrol.
Pharmacia is based in Peapack, N.J. and Monsanto has headquarters in St. Louis.
On Thursday, Monsanto (MTC) stock closed at 35-13/16, up 5/16, while Pharmacia & Upjohn (PNU) shares closed at 48-11/16 down 1/8. 
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