According to the Genetic ID Web Newsletter, now that Monsanto, the biotech giant has merged with Pharmacia and Upjohn, CEO Fred Hassan has indicated he was less interested in the agricultural side of the company.
The Business Week report said that the backlash against GMOs in Europe and a debt load from the acquisition of several seed companies, forced the company into what is called a "merger of equals."
The spun off Monsanto Company-which still includes its crop-protection chemicals-will reportedly have a "more modest vision." It must still convince Wall Street and the public that ag biotech has a future.
NatureMark, the potato side of Monsanto's biotech, has nearly been completely dismantled. Except for a few acres of GM potatoes which are being grown on a contract basis so the company will not lose its genetic developments, things have pretty well come to a standstill.
The new Monsanto Company has flatly stated it is no longer working on GM fruits ands vegetables.