Monsanto (MON) Agrees to Acquire Pfizer's (PFE) Chesterfield Village Research Center for $435M
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Monsanto Company (NYSE: MON) and Pfizer Inc (NYSE: PFE) today announced that they have entered into an agreement for Monsanto to acquire Pfizer's Chesterfield Village Research Center located in Chesterfield, Mo. Under the terms of the agreement, Monsanto will acquire the property from Pfizer for $435 million to be paid over time, and Pfizer will continue to have operations at Chesterfield Village through a lease agreement, primarily performing Biotherapeutic Pharmaceutical research.
"This Chesterfield Village Research Center is truly a world-class facility and our agreement with Pfizer will enable both of our companies to maintain our deep research roots in St. Louis for years to come," said Robb Fraley, Ph.D., Monsanto's chief technology officer. "The research we do at this facility is the foundation of our business, paving the way for next-generation products that create real benefits on the farm and in our world. This is yet another investment in our ever-growing pipeline, which enables us to deliver new and improved technologies."
"Pfizer will continue to perform important Biotherapeutic Research at the Chesterfield Village Research Center," said Don Frail, Vice President, Pfizer St. Louis Site Director. "We will continue to partner with Monsanto to ensure high-caliber research is ongoing in St. Louis, and that researchers from both companies will continue to share the Chesterfield Village Research Center."
The research center comprises 1.3 million-square-feet and includes approximately 250 laboratories, 122 plant growth chambers and 2 acres of greenhouse. Monsanto has leased more than 400,000 square feet of the property from Pfizer, and more than 400 Monsanto employees and contractors work on site, most of whom are researchers.
Monsanto expects the site to continue to support its robust pipeline, which is focused on increasing agricultural productivity such as drought-tolerant corn and higher-yielding soybeans, and will enable the company to reach its goal of doubling yields in its core crops by 2030.
The companies expect to complete the transaction in the first half of 2010.
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