COMPANY             STRATEGY

ASTRAZENECA         Merger of Zeneca with drugmaker Astra creates a life-
                    sciences company focusing on both pharmaceuticals
                    and genetically engineered crops

AVENTIS             A new life-sciences operator to be created this year by
                    the merger of Hoechst and Rhone-Poulenc, Aventis will
                    divest its chemicals businesses

DOW CHEMICAL        Playing catch-up to industry leaders, Dow wants to focus
                    on improved crops and industrial applications such as
                    creating plastics from corn

DUPONT              Plans to use cash generated by slower-growing businesses
                    like polyester and chemicals to fund aggressive
                    investments in life sciences

EMPRESAS LA         A growing force in the industry, Mexico's ELM wants to
MODERNA             play on its strength in vegetable and fruit seeds by
                    developing products with better nutritional value, taste,
                    or longer shelf life

MONSANTO            The most aggressive dealmaker in life sciences, Monsanto
                    is focusing exclusively on agriculture, drugs, and food
                    after the spin-off of its chemical business in 1997

NOVARTIS            Considered the sleeping giant in life sciences, Novartis
                    is looking to develop new biotech crops and leverage the
                    company's nutrition business by introducing disease-
                    fighting cereals or seeds


SOURCE: COMPANY REPORTS, BUSINESS WEEK