Monsanto Company announces completion of sale of POSILAC bovine somatotropin and related business

Fri. October 03, 2008; Posted: 05:42 AM

Oct 03, 2008 (M2 EQUITYBITES via COMTEX) -- MON | Quote | Chart | News | PowerRating -- Monsanto Company (NYSE: MON), a provider of technology-based solutions and agricultural products, declared on 2 October that the company has closed the sale of its POSILAC bovine somatotropin brand and related business to Eli Lilly and Company (NYSE: LLY | Quote | Chart | News | PowerRating) for an upfront payment of USD300m as well as additional contingent consideration.

Lilly, pursuant to the agreement, has purchased assets and liabilities of Monsanto associated with the POSILAC brand and related business.

According to Monsanto Company, POSILAC bovine somatotropin is an FDA-approved animal pharmaceutical used by US dairy farmers to increase productivity.

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For full details on Eli Lilly & Company (LLY) click here. Eli Lilly & Company (LLY) has Short Term PowerRatings of 5. Details on Eli Lilly & Company (LLY) Short Term PowerRatings is available at This Link.

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