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Biotech / Medical : Monsanto Co. -- Ignore unavailable to you. Want to Upgrade?

To: Danny Hayden who wrote (1971)	4/22/1999 5:59:00 PM
From: Dan Spillane	Respond to of 2539

Thu April 22, 4:55 pm Eastern Time. Bad news for AgrEvo, but good news for Monsanto (the Monsanto soy is already approved for EU sales). Agrevosees substantial lost U.S. soy sales AMSTERDAM, April 22 (Reuters) - Agrevo, the agrochemical joint venture between Germany's Hoechst AG and Schering AG (quote from Yahoo! UK & Ireland: SCHG.F), said it expected the delayed launch in the United States of its LibertyLink genetically modified soybean to result in substantial lost sales this year. ''They are in the hundreds of millions of marks,'' Corporate Communications Officer Michael Oelck told Reuters at the sidelines of the Lipidex '99 oilseeds conference in Amsterdam. Agrevo has been investing heavily in its biotechnology division with 30 percent of total research and development money being spent in this area last year. But the division was responsible for less than eight percent of sales last year. ''We could have had a break-even in 1999 or 2000, but we won't,'' Oelck said referring to the biotech division. The LibertyLink soybean is resistant to certain herbicides and has been approved by the U.S. authorities, but Agrevo says it does not wish to launch there before receiving approval from the European Union. In a paper released at the conference, Agrevo said it did not want to run the risk of non-authorised imports into Europe. Agrevo postponed the launch in the U.S. for a second time this spring because the European Union has not yet approved imports, Oelck said.