The California Court of Appeals in San Diego, in a decision released today, ruled for Monsanto Company and against Mycogen Corp. and completely overturned a prior jury award of $174.9 million issued in a 1998 trial over biotechnology license rights.

The original trial, held in California Superior Court in March 1998, sought to obtain a double recovery of future lost profits in addition to gene technology Monsanto had previously tendered in response to a prior suit involving certain gene technology licensed under a 1989 agreement with Lubrizol Genetics. Mycogen subsequently bought Lubrizol Genetics.

The appellate court's decision also rejected the claim that Monsanto should license to Mycogen valuable genetically engineered germplasm instead of gene technology.

"We are delighted that the California Court of Appeals found that the damage award was improper and completely overturned with the instruction that judgment be entered in favor of Monsanto. In addition, it was clear that the jury verdict was for speculative lost future profits and should not be the basis for any award,'' said David Snively, assistant general counsel for Monsanto.

Monsanto Company, a wholly owned subsidiary of Pharmacia (NYSE: PHA - news), is a leading provider of agricultural solutions to growers worldwide. Monsanto's employees provide top-quality, cost-effective and integrated approaches to help farmers improve their productivity and produce better quality foods.

Company news release
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