ST. LOUIS, Nov. 9, 2009 Monsanto Company (NYSE: MON) and Pfizer Inc (NYSE: PFE) today announced that they have entered into an agreement for Monsanto to acquire Pfizer's Chesterfield Village Research Center located in Chesterfield, Mo. Under the terms of the agreement, Monsanto will acquire the property from Pfizer for $435 million to be paid over time, and Pfizer will continue to have operations at Chesterfield Village through a lease agreement, primarily performing Biotherapeutic Pharmaceutical research.
"This Chesterfield Village Research Center is truly a world-class facility and our agreement with Pfizer will enable both of our companies to maintain our deep research roots in St. Louis for years to come," said Robb Fraley, Ph.D., Monsanto's chief technology officer. "The research we do at this facility is the foundation of our business, paving the way for next-generation products that create real benefits on the farm and in our world. This is yet another investment in our ever-growing pipeline, which enables us to deliver new and improved technologies."
"Pfizer will continue to perform important Biotherapeutic Research at the Chesterfield Village Research Center," said Don Frail, Vice President, Pfizer St. Louis Site Director. "We will continue to partner with Monsanto to ensure high-caliber research is ongoing in St. Louis, and that researchers from both companies will continue to share the Chesterfield Village Research Center."
The research center comprises 1.3 million-square-feet and includes approximately 250 laboratories, 122 plant growth chambers and 2 acres of greenhouse. Monsanto has leased more than 400,000 square feet of the property from Pfizer, and more than 400 Monsanto employees and contractors work on site, most of whom are researchers.
Monsanto expects the site to continue to support its robust pipeline, which is focused on increasing agricultural productivity such as drought-tolerant corn and higher-yielding soybeans, and will enable the company to reach its goal of doubling yields in its core crops by 2030.
The Chesterfield Village Research Center has a unique history between Monsanto and Pfizer. The site was originally built by the former Monsanto Company for approximately $150 million and opened in 1984. At that time, the former Monsanto was a life sciences research company, with research interests in both agriculture and pharmaceuticals. In 2000, the former Monsanto merged with Pharmacia & Upjohn Inc. and changed its name to Pharmacia Corporation. The current Monsanto Company was incorporated in 2000 and spun off from Pharmacia in 2002, becoming a completely independent company focused solely on agriculture. The new Monsanto leased space at the Chesterfield site from Pharmacia, and the lease continued after Pfizer acquired Pharmacia in 2003.
The companies expect to complete the transaction in the first half of 2010.
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Monsanto Company is a leading global provider of technology-based solutions and agricultural products that improve farm productivity and food quality. Monsanto remains focused on enabling both small-holder and large-scale farmers to produce more from their land while conserving more of our world's natural resources such as water and energy. To learn more about our business and our commitments, please visit: www.monsanto.com. Follow our business on Twitter at www.twitter.com/MonsantoCo, on Facebook at www.facebook.com/MonsantoCo, or subscribe to our News Release RSS Feed.
Pfizer Inc: Working together for a healthier world(TM)
At Pfizer, we apply science and our global resources to improve health and well-being at every stage of life. We strive to set the standard for quality, safety and value in the discovery, development and manufacturing of medicines for people and animals. Our diversified global health care portfolio includes human and animal biologic and small molecule medicines and vaccines, as well as nutritional products and many of the world's best-known consumer products. Every day, Pfizer colleagues work across developed and emerging markets to advance wellness, prevention, treatments and cures that challenge the most feared diseases of our time. Consistent with our responsibility as the world's leading biopharmaceutical company, we also collaborate with health care providers, governments and local communities to support and expand access to reliable, affordable health care around the world. For more than 150 years, Pfizer has worked to make a difference for all who rely on us. To learn more about our commitments, please visit us at www.pfizer.com
Wyeth is now a wholly owned subsidiary of Pfizer Inc. The merger of local Wyeth and Pfizer entities may be pending in various jurisdictions and is subject to completion of various local legal and regulatory obligations.
CONTACT Monsanto Company: Media - Kelli Powers (314-694-4003) Pfizer Inc: Media - Rick Chambers (269-760-0770) Investors - Jennifer Davis (212-733-0717)
SOURCE Monsanto Company