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News > Deals
Monsanto, P&U deal OK'd
March 23, 2000: 4:36 p.m. ET

Shareholders approve drug makers' merger; deal should close by April 1
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NEW YORK (CNNfn) - Shareholders of Monsanto Co. and Pharmacia & Upjohn approved the companies' merger pact Thursday, paving the way for closing the estimated $26.6 billion all-stock deal by the end of the month.
    The new company will be known as Pharmacia Corp. and will control Monsanto's arthritis drug Celebrex as well as an arsenal of drugs to treat glaucoma, colorectal cancer and other diseases.
    The company will be based in P&U's base, Peapack, N.J. Monsanto's agricultural unit will retain its headquarters in the company's current hometown of St. Louis.
    After the merger closes, the companies are expected to spin off as much as 20 percent of the agricultural unit in an initial public offering. The division makes top-selling weed killer Roundup as well as genetically altered corn and soybean seeds.
    Monsanto (MT : Research, Estimates) shares gained 13/16 to 49-13/16, while Pharmacia (PNU: Research, Estimates) stock was little changed, up 1/16 at 59-9/16. Back to top

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.