Monsanto To Sell Off Assets In Bid To Finance R&D

After the collapse of its proposed $35 billion merger with American Home Products Corp. last week, Monsanto Co. has announced plans to sell off assets over the next four years in an attempt to channel more financial support into the research and development of new drugs. Company officials told stock analysts that they expect to offer ten drugs for sale over the next four years and will raise money in the meantime by selling peripheral units.

Company officials refused to comment on what assets Monsanto might sell. The Company had hoped to increase its market presence through the American Home Products deal, but the merger was called off last week over a dispute about future management.