U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
MONSANTO COMPANY
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(Last) (First) (Middle)
800 NORTH LINDBERGH BOULEVARD
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(Street)
ST. LOUIS MISSOURI 63167
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(City) (State) (Zip)
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2. Date of Event Requiring Statement (Month/Day/Year)
DECEMBER 19, 1999
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3. IRS Identification Number of Reporting Person (if an entity)
43-0420020
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4. Issuer Name and Ticker or Trading Symbol
PHARMACIA & UPJOHN, INC. (SYMBOL: PNU)
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5. Relationship of Reporting Person to Issuer
(Check all applicable)
[_] Director [X] 10% Owner
[_] Officer (give title below) [_] Other (specify below)
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6. If Amendment, Date of Original (Month/Day/Year)
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7. Individual or Joint/Group Filing (Check applicable line)
[X] Form filed by One Reporting Person
[_] Form filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Beneficially Owned
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3. Ownership Form:
2. Amount of Securities Direct (D) or
1. Title of Security Beneficially Owned Indirect (I) 4. Nature of Indirect Beneficial Ownership
(Instr. 4) (Instr. 4) (Instr. 5) (Instr. 4)
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Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
(Print or Type Responses)
(Over)
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FORM 3 (continued)
Table II -- Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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5. Owner-
3. Title and Amount of Securities ship
Underlying Derivative Security Form of
2. Date Exercisable (Instr. 4) Derivative
and Expiration Date --------------------------------- 4. Conver- Security:
(Month/Day/Year) Amount sion or Direct 6. Nature of
---------------------- or Exercise (D) or Indirect
Date Expira- Number Price of Indirect Beneficial
1. Title of Derivative Exer- tion of Derivative (I) Ownership
Security (Instr. 4) cisable Date Title Shares Security (Instr. 5) (Instr. 5)
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<S> <C> <C> <C> <C> <C> <C> <C>
OPTION (SEE (SEE COMMON STOCK 77,388,932 GENERALLY D
(CONTINGENT RIGHT ATTACHED) ATTACHED) $50.25 PER
TO BUY)(SEE ATTACHED) SHARE (SEE
ATTACHED)
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Explanation of Responses:
(See attached) (See attached)
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Signature of Reporting Person Date
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FORM 3 CONTINUATION SHEET
EXPLANATION OF RESPONSE
This Initial Statement of Beneficial Ownership on Form 3 (this
"Form") is filed by Monsanto Company, a Delaware corporation ("Monsanto"). On
December 19, 1999, Monsanto, MP Sub, Incorporated, a wholly-owned subsidiary of
Monsanto ("Merger Sub"), and Pharmacia & Upjohn, Inc. ("PNU") entered into an
Agreement and Plan of Merger (the "Merger Agreement") providing for, among other
things, the merger of Merger Sub with and into PNU (the "Merger"). In connection
with the Merger Agreement, Monsanto and PNU entered into an Option Agreement
(the "PNU Option Agreement"), dated as of December 19, 1999, under which PNU
granted Monsanto an option (the "PNU Option") to purchase up to 77,388,932
shares of Common Stock, par value $.01 per share, of PNU ("PNU Common Stock"),
representing 14.9% of the issued and outstanding PNU Common Stock on the date of
grant, at an exercise price of $50.25 per share, subject to certain customary
anti-dilution adjustments. In connection with the Merger Agreement, Monsanto and
PNU also entered into an option agreement, dated as of December 19, 1999, under
which Monsanto granted PNU an option to purchase up to 94,744,810 shares of
Common Stock, par value $2.00 per share, of Monsanto at an exercise price equal
to $41.75 per share.
Except in certain limited circumstances, Monsanto may not exercise the PNU
Option until a termination of the Merger Agreement pursuant to certain of the
termination provisions contained therein.
Prior to the PNU Option becoming exercisable, Monsanto expressly disclaims
beneficial ownership of the shares of PNU Common Stock which are purchasable by
Monsanto thereunder. Neither the filing of this Form nor any of its contents
shall be deemed to constitute an admission that Monsanto is the beneficial owner
of the shares of PNU Common Stock subject to the PNU Option for purposes of
Section 13(d) or 16 of the Securities Exchange Act of 1934, as amended, or for
any other purpose and such beneficial ownership is expressly disclaimed.
The foregoing summary of the PNU Option Agreement is qualified in its
entirety by reference to such agreement, which has been filed as an exhibit to
Monsanto's Schedule 13D filed with respect to PNU on the date hereof.
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SIGNATURES OF REPORTING PERSONS
Dated: December 29, 1999.
Monsanto Company
By: \s\ Janet L. Horgan
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Name: Janet L. Horgan
Title: Assistant Secretary
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