Mycogen Corp · 8-K · For 10/14/96 · EX-99.1

Filed On 10/15/96   ·   SEC File 1-11643   ·   Accession Number 1017062-96-292

Current Report   ·   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                         2     12K 
 2: EX-2.1      Stock Acquisition Agreement                           25    104K 
 3: EX-99.1     Press Release                                          2      9K 

EX-99.1   ·   Press Release

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EXHIBIT 99.1  

Press Release 

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FOR IMMEDIATE RELEASE                     CONTACT:    Michael Sund              
October 1, 1996                                       (619) 453-8030            

MYCOGEN ACQUIRES MAJOR SOUTH AMERICAN SEED COMPANY  

    SAN DIEGO,  Calif. -- Mycogen Corporation (Nasdaq:  MYCO) has expanded its
seed business in South America with the acquisition of Morgan Seeds, Argentina's
third largest seed company.                                                     

     Jerry Caulder, Mycogen's chairman and chief executive officer, said Mycogen
paid $27.4 million in cash, including repayment of long-term debt, for Morgan,  
which has annual sales of approximately $25 million.                            

   "This acquisition immediately expands Mycogen's seed sales base and opens
up significant growth opportunities in one of the world's most important markets
for hybrid corn and sunflower seed," Caulder said.  "Our genetics and insect-   
resistance and oil seed technology will provide the basis for many new, value-  
added, products for South America."                                             

   Mycogen's wholly owned Mycogen Seeds subsidiary is the sixth largest seed
company in the United States, and ranks fourth in sales of seed corn, which     
accounts for about half of $3 billion in total annual seed sales to U.S.        
farmers.  Argentina ranks third, behind the U.S. and France in hybrid corn      
production, and is the world's largest sunflower producer. Mycogen Seeds is the 
second leading U.S. marketer of hybrid sunflower seed.                          

   Mycogen will combine its Agrigenetics, S.A., subsidiary in Argentina with
Morgan, and has appointed its Argentinean general manager, Ezequiel Fonseca, to 
head the combined company, which will market seed products under the Morgan(R)  
brand in several South American countries.                                      

"Increased international distribution leverages our research and      
development investments in the U.S.," said Carl Eibl, Mycogen's president and   
chief operating officer.  "Mycogen will supply technology and resources to help 
Morgan grow.  We will share germ plasm and value-added traits, but Morgan's     
management will have considerable autonomy in product development and sales."   

     Mycogen's forward-looking statements are based on projections and estimates
regarding the economy and the seed and crop protection industries.  Various     
factors could cause actual results to vary significantly from management's      
expectations.  These include the impact of weather on production and sales,     
actions by competitors and regulatory agencies, intellectual property positions,
fluctuations in international currency, commodity prices and crop acreage.      

   Mycogen is a diversified agricultural biotechnology company that develops
and markets technology-based products and provides crop protection services to  
control agricultural pests and improve food and fiber production.  Mycogen Seeds
develops and markets planting seeds for improved crop varieties with genetically
enhanced insect-resistance and other value-added characteristics.  Mycogen Crop 
Protection develops and markets environmentally compatible biopesticides and    
provides crop protection services to growers of high value crops in California  
and Arizona.                                                                    

# # # 
NOTE:  Mycogen news releases are available on the company's World Wide Web site:
http://www.mycogen.com                                                          

Dates Referenced Herein   and   Documents Incorporated By Reference

				Referenced-On Page
This 8-K Filing		Date		First		Last			Other Filings
		10/1/96		2
For The Period Ended		10/14/96
Filed On / Filed As Of		10/15/96
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