Lilly to buy milk hormone
Drug maker Eli Lilly & Co. agreed to pay at least $300 million for Monsanto Co.'s Posilac, a synthetic hormone used to boost milk production in cows.
The agreement will expand Lilly’s veterinary operations and enable St. Louis-based Monsanto to focus on genetically modified crops.
Lilly, based in Indianapolis, gains the U.S. sales force for Posilac and the manufacturing plant in Augusta, Ga. It also inherits opposition to the hormone from consumer advocates and some dairy processors.