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MYCOGEN AND LUBRIZOL SIGN DEFINITIVE AGREEMENTS TO FORM A CROP PROTECTION PARTNERSHIP

 MYCOGEN AND LUBRIZOL SIGN DEFINITIVE AGREEMENTS
 TO FORM A CROP PROTECTION PARTNERSHIP
 SAN DIEGO, Aug. 27 /PRNewswire/ -- Mycogen Corp. (NASDAQ: MYCO) announced today that it has signed definitive agreements with The Lubrizol Corp. (NYSE: LZ) to form a partnership to acquire Lubrizol's agricultural seed and plant science division, Agrigenetics Co. Mycogen will have a 51 percent interest in the partnership, and Lubrizol will have a 49 percent interest. The transactions, valued at $135 million, will strengthen Mycogen's technology base and broaden its participation in the emerging biological crop protection industry.
 The agreements call for Mycogen to transfer 2.29 million shares of Mycogen common stock and $39.4 million of a new series of Mycogen preferred stock to Lubrizol. The transactions, approved by the boards of both companies, await Mycogen stockholder approval. Mycogen has filed a preliminary proxy statement with the Securities and Exchange Commission for review. Mycogen anticipates distributing the proxy statement to its stockholders by the end of September. Assuming stockholder approval at the special meeting scheduled for October 1992, Mycogen expects the transaction to be completed by Oct. 31, 1992.
 With the addition of the partnership, Mycogen becomes a diversified crop protection company with three operating units: a plant science unit (the partnership) that, through Mycogen's controlling interest, will use biotechnology and traditional plant breeding techniques to develop and commercialize pest-resistant and other improved, value-added crops; Mycogen's biopesticide business, which develops, manufactures and markets biopesticide products for agricultural and specialty markets; and Soilserv Inc., Mycogen's wholly owned subsidiary, which provides customized crop protection services to growers of high-value crops.
 -0- 8/27/92
 /CONTACT: Marie C. Burke of Mycogen, 619-453-8030/
 (MYCO LZ) CO: Mycogen Corp.; The Lubrizol Corp. ST: California IN: CHM SU:


LS -- SD001 -- 3775 08/27/92 08:30 EDT
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Publication:PR Newswire
Date:Aug 27, 1992
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