Exhibit 99

                                                           FOR IMMEDIATE RELEASE

                Pharmacia Completes Spin-Off of Monsanto Company

Peapack, N.J. (August 14, 2002) - Pharmacia Corporation (NYSE: PHA) today
announced it had completed the spin-off of its remaining stock ownership of its
agricultural subsidiary, Monsanto Company (NYSE: MON), by means of a special
dividend distributed to Pharmacia shareholders on August 13, 2002 of 0.170593
Monsanto shares for each Pharmacia share.

         "Since our merger with the original Monsanto in March 2000, we have
seen its agricultural business evolve into a strong, stand-alone company," said
Fred Hassan, Pharmacia's chief executive officer. "The new Monsanto continues to
build on its traditional business base while further developing the promise and
value of agricultural biotechnology. The result of this spin-off will be a new
Monsanto that can focus and build on its special strengths."

         As previously announced, the dividend generally will be tax-free to
Pharmacia shareholders for U.S. federal income tax purposes except to the extent
that cash is received instead of fractional shares.

         Additional information concerning the special stock dividend can be
obtained on the Pharmacia website at http://www.pharmacia.com.

         Pharmacia Corporation (NYSE: PHA) is a top-tier global pharmaceutical
company whose innovative medicines and other products save lives and enhance
health and wellness. Pharmacia's 43,000 people work together with many diverse
stakeholders to bring these benefits to people around the world, and to create
new health solutions for the future. On July 15, 2002, Pharmacia and Pfizer Inc.
(NYSE: PFE) announced the signing of a definitive agreement providing for Pfizer
to acquire Pharmacia in a stock-for-stock transaction that is expected to close
by the end of 2002.

         This press release contains forward-looking or anticipatory statements
based on the information currently available and the expectations currently
deemed reasonable by the Company. However, because these forward-looking
statements are subject to many risks, uncertainties and changes over time,
actual results may differ materially from those expressed or implied by these
forward-looking statements. The Company undertakes no obligation to update any
forward-looking statements as a result of new information or future
developments.

Media Contact:                                                 Analyst Contact:
-------------                                                  ---------------
Paul Fitzhenry                                                 Linda C. Heller
(908) 901-8770                                                 (908) 901-8853

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