SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): May 20, 1998 (5/19/98)
E. I. du Pont de Nemours and Company
(Exact Name of Registrant as Specified in Its Charter)
Delaware 1-815 51-0014090
(State or Other Jurisdiction (Commission (I.R.S Employer
of Incorporation) File Number) Identification No.)
1007 Market Street
Wilmington, Delaware 19898
(Address of principal executive offices)
Registrant's telephone number, including area code: (302) 774-1000
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Item 5. Other Events
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In connection with Debt and/or Equity Securities that
may be offered on a delayed or continuous basis under
Registration Statements on Form S-3 (No. 33-53327, No. 33-61339
and No. 33-60069), we hereby file the following press release.
Contact: Susan Gaffney
(302) 774-2698
DUPONT TO BUY MERCK'S INTEREST IN PHARMACEUTICAL JOINT VENTURE
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Wilmington, Del., May 19 -- DuPont today announced that
it has agreed to acquire Merck & Co.'s interest in their 50/50
joint venture, The DuPont Merck Pharmaceutical Company, for
$2.6 billion.
DuPont Merck, which was formed in 1991 as a partnership
between DuPont and Merck, will become an integral part of
DuPont, operating as DuPont Pharmaceuticals after the acquisi-
tion. it will be a key component of DuPont's strategy to make
life sciences its centerpiece for growth.
"This action will enable us to more fully integrate our
materials and life sciences research platforms," said Charles O.
Holliday, Jr., DuPont president and CEO. "By capitalizing on
considerable synergies at the research level in genomics,
biology, chemistry and biotechnology, we will be able to
accelerate the discovery of new drugs, crop protection chemicals
and enhanced grains. This reinforces our intent to offer the
full range of life sciences products and technologies."
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The transaction is expected to be completed in July.
"DuPont Merck today is a focused player with a strong
position in a select group of therapeutics," said Kurt M.
Landgraf, DuPont executive vice president - life sciences. "We
believe there is significant growth potential, either continuing
as a focused player or broadening the product line to tap growth
opportunities in cardiovascular, central nervous system and
virology therapeutics. We have a robust research process, with
1,200 scientists working daily to keep the pipeline full."
DuPont Merck's product pipeline includes compounds at
all stages of development. These range from "Sustiva", a member
of a new class of HIV and AIDS drugs, currently in final
clinical trials prior to filing the new drug application with
the U.S. Food and Drug Administration, to promising new drugs
for the treatment of thrombosis, Alzhimer's and depression.
"All indicators say that DuPont Pharmaceuticals will be
a significant financial contributor to DuPont," Landgraf said.
"We're thrilled to welcome back to DuPont the outstanding people
of DuPont Merck."
Some of DuPont Merck's best-known commercial drugs are
"Coumadin", the leading oral anticoagulant; "Sinemet"/CR, the
leading treatment for Parkinson's disease; "ReVia", a treatment
for alcohol dependency; and "Cardiolite", the leading heart-
imaging agent.
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DuPont and Merck will continue their marketing partner-
ship for "Cozaar" and "Hyzaar", the first drugs in a new class
for the treatment of hypertension. In addition, DuPont and
Merck will continue their research collaboration aimed at
discovering and developing a new class of blood clot-preventing
compounds called glycoprotein IIb/IIIa platelet blockers. Also,
DuPont and Merck will continue to share marketing rights to
"Sustiva" (to be marketed by Merck as "Stocrin" outside the
U.S., Canada and certain European countries), that has proven to
be useful in combination therapies such as with Merck's protease
inhibitor, "Crixivan".
DuPont Merck had $1.3 billion in sales in 1997. Head-
quartered in Wilmington, it has operations in North America and
Europe. The approximately 4,200 DuPont Merck employees will
transfer to DuPont.
"This acquisition is our third major action in the last
12 months to strengthen our life sciences portfolio, which is
DuPont's long-term growth engine," Landgraf said. "The acquisi-
tion of Protein Technologies International and the formation of
the Optimum Quality Grains joint venture with Pioneer Hi-Bred
International have made DuPont a leader in agricultural bio-
technology. And now we have added the biotechnology potential
of a wholly owned pharmaceutical company."
DuPont noted that it will take a second quarter charge
to earnings to write off in-process R&D associated with this
acquisition.
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Founded in 1802, DuPont is a global research and
technology-based materials, life sciences and energy company.
Committed to better things for better living, DuPont serves
worldwide markets including food and nutrition; healthcare;
agriculture; fashion and apparel; home and construction;
electronics; transportation; and energy. The company operates
in about 70 countries and has 98,000 employees. Revenues in
1997 were more than $45 billion.
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5/19/98
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
E. I. DU PONT DE NEMOURS AND COMPANY
(Registrant)
/s/ D. B. Smith
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D. B. Smith
Assistant Controller
May 20, 1998
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