Pharmacia Clarifies Proposal in Proxy Statement

Apr 10, 2001, 01:00 ET from Pharmacia Corporation

    PEAPACK, N.J., April 10 /PRNewswire/ -- Pharmacia Corporation today
 clarified a proposal in its proxy statement concerning the company's 2001
 Long-Term Incentive Plan.  In regard to the plan, the company said that it
 will not re-price, replace or re-grant stock options without prior shareholder
 approval. In response, the proxy advisory firm Institutional Shareholder
 Services (ISI) is recommending a vote in favor of the proposal.
     The proposal is on the agenda for the company's annual meeting of
 shareholders to be held on Tuesday, April 17, 2001.
     Pharmacia Corporation (NYSE:   PHA) is a leading global pharmaceutical
 company created through the merger of Pharmacia & Upjohn with Monsanto Company
 and its G.D. Searle unit.  Pharmacia has a broad product portfolio, a robust
 pipeline of new medicines, and an annual investment of more than $2 billion in
 pharmaceutical research and development.
 
     Certain statements contained in this release, such as statements
 concerning the Company's anticipated financial results, current and new
 product performance, regulatory approvals, currency impact and other
 non-historical facts are "forward-looking statements" (as such term is defined
 in the Private Securities Litigation Reform Act of 1995).  Since these
 statements are based on factors that involve risks and uncertainties, actual
 results may differ materially from those expressed or implied by such
 forward-looking statements.  Such factors include, among others: management's
 ability to implement strategic and restructuring initiatives; the Company's
 ability to successfully market new and existing products in new and existing
 domestic and international markets; the success of the Company's research and
 development activities and the speed with which regulatory authorizations and
 product roll-outs may be achieved; fluctuations in exchange rates; the effects
 of the Company's accounting policies and general changes in generally accepted
 accounting principles; the  Company's exposure to product liability and other
 lawsuits and contingencies related to actual or alleged environmental
 contamination; domestic and foreign social, legal and political developments,
 especially those relating to health care reform, product liabilities; and
 agriculture products developed through biotechnology; increased generic and
 branded competition for the Company's Roundup herbicide following the
 expiration of U.S. patent protection in September 2000; the seasonal nature of
 the Company's agriculture business; market conditions affecting the timing of
 the proposed partial public offering of the Company's' agriculture business,
 general economic and business conditions; the Company's ability to attract and
 retain current management and other employees of the Company; and other risks
 and factors detailed in the Company's Securities and Exchange Commission
 filings, including its Form 10-K for the year ended December 31, 2000.
 
 

SOURCE Pharmacia Corporation
    PEAPACK, N.J., April 10 /PRNewswire/ -- Pharmacia Corporation today
 clarified a proposal in its proxy statement concerning the company's 2001
 Long-Term Incentive Plan.  In regard to the plan, the company said that it
 will not re-price, replace or re-grant stock options without prior shareholder
 approval. In response, the proxy advisory firm Institutional Shareholder
 Services (ISI) is recommending a vote in favor of the proposal.
     The proposal is on the agenda for the company's annual meeting of
 shareholders to be held on Tuesday, April 17, 2001.
     Pharmacia Corporation (NYSE:   PHA) is a leading global pharmaceutical
 company created through the merger of Pharmacia & Upjohn with Monsanto Company
 and its G.D. Searle unit.  Pharmacia has a broad product portfolio, a robust
 pipeline of new medicines, and an annual investment of more than $2 billion in
 pharmaceutical research and development.
 
     Certain statements contained in this release, such as statements
 concerning the Company's anticipated financial results, current and new
 product performance, regulatory approvals, currency impact and other
 non-historical facts are "forward-looking statements" (as such term is defined
 in the Private Securities Litigation Reform Act of 1995).  Since these
 statements are based on factors that involve risks and uncertainties, actual
 results may differ materially from those expressed or implied by such
 forward-looking statements.  Such factors include, among others: management's
 ability to implement strategic and restructuring initiatives; the Company's
 ability to successfully market new and existing products in new and existing
 domestic and international markets; the success of the Company's research and
 development activities and the speed with which regulatory authorizations and
 product roll-outs may be achieved; fluctuations in exchange rates; the effects
 of the Company's accounting policies and general changes in generally accepted
 accounting principles; the  Company's exposure to product liability and other
 lawsuits and contingencies related to actual or alleged environmental
 contamination; domestic and foreign social, legal and political developments,
 especially those relating to health care reform, product liabilities; and
 agriculture products developed through biotechnology; increased generic and
 branded competition for the Company's Roundup herbicide following the
 expiration of U.S. patent protection in September 2000; the seasonal nature of
 the Company's agriculture business; market conditions affecting the timing of
 the proposed partial public offering of the Company's' agriculture business,
 general economic and business conditions; the Company's ability to attract and
 retain current management and other employees of the Company; and other risks
 and factors detailed in the Company's Securities and Exchange Commission
 filings, including its Form 10-K for the year ended December 31, 2000.
 
 SOURCE  Pharmacia Corporation