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Biotech / Medical : Monsanto Co.

MTC 3.080

+0.3%

Jan 16 3:59 PM EST

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To: Dan Spillane who wrote (1653)	3/17/1999 12:30:00 PM
From: Anthony Wong	Read Replies (1) of 2539

3/17 11:41 Japan Tobacco, Zeneca Plan JV On Gene Recombination TOKYO (Nikkei)--Japan Tobacco Inc. (J.JTB or 2914) and Zeneca Ltd. (ZEN) will work together on development and production of genetically altered farm products, The Nihon Keizai Shimbun reported in its Thursday morning edition. Plans call for creating high-yield plants and a strain of rice that can replace corn as livestock feed, company sources were cited as saying. A joint venture will be established in Japan as early as this summer with capitalization of about Y10 billion, provided equally by the two companies. The alliance should help Japan Tobacco and Zeneca to counter the challenge posed by U.S. biotechnology firms such as Monsanto Co. (MTC) in the market for popular Asian foods. The companies initially hope to create new strains that enable greater harvests. China and other Asian countries with falling rates of food self-sufficiency, as shown by increasing corn imports, are eager to substitute locally grown rice for corn as animal feed. Japan Tobacco has already developed the world's first technology for implanting genes into rice plants. Zeneca was set up in 1993 when Imperial Chemical Industries Plc (ICI) spun off its pharmaceutical, agricultural chemical and other bioscience businesses. (END) DOW JONES NEWS 03-17-99 12:01 PM

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