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Biotech / Medical : Pharmacia Corp. a future biotech powerhouse?
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To: Michael Kucera who started this subject9/12/2000 8:34:02 AM
From: Jack Hartmann  Read Replies (2) of 35
 
Pharmacia Unit Executive Reaps
$23.7 Million by Exercising Options
By a WALL STREET JOURNAL Staff Reporter

ST. LOUIS -- Hendrik A. Verfaillie, chief executive of the Monsanto agricultural unit of Pharmacia Corp., reaped $23.7 million on a pretax basis by exercising stock options awarded to him, according to a filing with the Securities and Exchange Commission.

A Monsanto spokeswoman said that Mr. Verfaillie, 55 years old, intends to use most of the proceeds to buy some of the Monsanto stock that Pharmacia has said it plans to offer to the public this year. Monsanto generated sales of $5.2 billion last year from its crop biotechnology and herbicide businesses.

Pharmacia plans to sell a 13.7% stake in Monsanto to the public at a price that would value Monsanto at as much as $6.4 billion. Pharmacia, of Peapack N.J., plans to offer 35 million out of the 255 million Monsanto shares outstanding.

Mr. Verfaillie spent about $6.9 million to get possession of 544,890 shares of Pharmacia, which he sold in early August at $56.105 a share, or a total of $30.6 million. He received options for those shares in the early 1990s while an executive of Monsanto.

Those Monsanto options are being honored by Pharmacia in the wake of the $31 billion merger between the two companies this year.
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