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7-Business: Pharmacia announces spin off plan for Monsanto



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TITLE:  Pharmacia Sets Distribution and Record Dates for Spin Off of Shares
        in Monsanto Company
SOURCE: Pharmacia, USA
        http://www.pharmacia.com/newsroom/script_press.asp?id=329
DATE:   July 18, 2002

------------------ archive: http://www.gene.ch/genet.html ------------------


Pharmacia Sets Distribution and Record Dates for Spin Off of Shares in 
Monsanto Company

Peapack, N.J. (July 18, 2002)  Pharmacia Corporation today announced that 
its Board of Directors has declared a special stock dividend of all 
remaining shares of common stock held by the Company in its agricultural 
subsidiary, Monsanto Company. The dividend will be distributed on August 
13, 2002 to Pharmacia shareholders of record at the close of business on 
July 29, 2002. The dividend generally will be tax-free to Pharmacia 
shareholders for U.S. federal tax purposes. The distribution of Monsanto 
shares will mark the completion of Pharmacia's spin off of Monsanto 
Company. "The distribution of our shares in Monsanto completes the 
commitment we made to our shareholders to fully unlock the value of our 
respective pharmaceutical and agricultural businesses," said Fred Hassan, 
Chairman and Chief Executive Officer of Pharmacia. An information statement 
will be mailed to Pharmacia shareholders of record following the July 29, 
2002 record date. The statement will include the final ratio of Monsanto 
shares to be distributed for each Pharmacia share outstanding, as well as 
information on how to calculate the share cost basis.

Additional information concerning the special stock dividend can also be 
obtained on our website at http://www.pharmacia.com.

Pharmacia Corporation is a top-tier global pharmaceutical company with a 
leading agricultural subsidiary. Pharmacia's innovative medicines and other 
products save lives and enhance health and wellness. Pharmacia's 59,000 
people work together with many diverse stakeholders to bring these benefits 
to people around the world, and to create new health solutions for the 
future. On July 15, 2002, Pharmacia and Pfizer Inc. announced the signing 
of a definitive agreement providing for Pfizer to acquire Pharmacia in a 
stock-for-stock transaction that is expected to close by the end of 2002.

This press release contains forward-looking or anticipatory statements 
about the Company's business and financial performance plans which are 
based on the information currently available and the expectations currently 
deemed reasonable by the Company. However, because these forward-looking 
statements are subject to many risks, uncertainties and changes over time, 
including those referenced in the Company's filings with the U.S. 
Securities and Exchange Commission, actual results may differ materially 
from those expressed or implied by these forward-looking statements. The 
Company undertakes no obligation to update any forward-looking statements 
as a result of new information or future developments.


Media Contact
Paul Fitzhenry
Pharmacia Corporation
Phone: (+1-908) 901-8770

Analyst Contact
Linda C. Heller
Phone: (+1-908) 901-8853



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