Monsanto Co. said Thursday it has completed its $300 million sale of its Posilac cow growth hormone brand to drug maker Eli Lilly & Co.
Posilac is an FDA-approved animal pharmaceutical used by U.S. dairy farmers to increase productivity. Posilac has never been a big part of Monsanto's future growth plans, but the genetically engineered hormone has gotten significant attention because of concerns about its effect on human health.
The sale, which was announced Aug. 20, removes Monsanto's name from a drug enormously unpopular with some activists and is consistent with Monsanto's long-term strategy of focus on selling high-tech seeds to farmers worldwide.
Monsanto was founded as chemical firm selling everything from aspirin to herbicide. Now its scientists focus almost exclusively on genetic seed research, and Monsanto plans to double its annual gross profit in four years by developing crops resistant to pests, herbicides and drought.
Posilac is an FDA-approved animal pharmaceutical used by U.S. dairy farmers to increase productivity. Posilac has never been a big part of Monsanto's future growth plans, but the genetically engineered hormone has gotten significant attention because of concerns about its effect on human health.
The sale, which was announced Aug. 20, removes Monsanto's name from a drug enormously unpopular with some activists and is consistent with Monsanto's long-term strategy of focus on selling high-tech seeds to farmers worldwide.
Monsanto was founded as chemical firm selling everything from aspirin to herbicide. Now its scientists focus almost exclusively on genetic seed research, and Monsanto plans to double its annual gross profit in four years by developing crops resistant to pests, herbicides and drought.
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