Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Drug Firms to Merge

NEW YORK -- Monsanto Co. and Pharmacia and Upjohn signed a merger agreement Sunday, creating the world's 11th largest drug company with a cabinet of top-selling medicines to treat ailments from arthritis to glaucoma.

The combined company, as yet unnamed, will have sales this year of $17 billion and 60,000 employees. The new company's pharmaceutical business will be headquartered in Peapack, New Jersey, where Pharmacia is based, and the agricultural-chemical business will be headquartered in Monsanto's hometown of St. Louis.

Monsanto has had trouble finding a partner because its agricultural-chemical business, which makes genetically altered seeds and weed killers like Round Up, is facing consumer backlash, particularly in Europe.

However, there are plans to sell 19 percent of the agriculture business in an initial public stock offering next year.