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Eli Lilly to Acquire Monsanto’s Posilac Artificial Growth Hormone Unit

8:55 AM MDT | August 26, 2008 | Kate Phillips

Monsanto says it has agreed to sell its Posilac recombinant bovine somatotropin (rBST) brand and related business to Eli Lilly for an upfront payment of $300 million, plus possible contingency payments. The transaction is expected to be completed “as soon as practical,” Monsanto says. Under terms of the agreement, Lilly will acquire all rights to the Posilac brand, as well the product’s U.S. sales force and its manufacturing plant at Augusta, GA. The transaction is expected to close by the fourth quarter, pending customary closing conditions...

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