American Home Products Corporation announced today that a definitive agreement has been signed with BASF Aktiengesellschaft for the sale of AHP's Cyanamid Agricultural Products business.
Under the agreement with BASF, which is subject to certain customary conditions, BASF will pay to American Home Products $3.8 billion in cash, and will assume certain debt. In a separate transaction, AHP is selling certain products to an unrelated party for $28 million.
``Since the 1994 acquisition of Cyanamid, the Agricultural Products division has made significant contributions to AHP,' said John R. Stafford, Chairman, President and Chief Executive Officer. ``However,' he added, ``the sale of Cyanamid reflects AHP's strategy to focus on our pharmaceutical, biopharmaceutical, consumer health care and animal health products businesses.'
Morgan Stanley acted as AHP's financial adviser.
American Home Products Corporation is one of the world's largest research-based pharmaceutical and health care products companies. It is a leader in the discovery, development, manufacturing and marketing of prescription drugs and over-the-counter medications. It is also a global leader in vaccines, biotechnology, agricultural products, and animal health care.