DuPont

(DD) - Get Report

said Thursday that, following a six-month review, it has decided to separate the company's pharmaceutical unit.

The company said it will now "evaluate all separation options," for the pharmaceutical unit, including the filing of an initial public offering.

The chemical bellwether named Richard De Schutter as executive chairman and chief executive officer of the new unit. De Schutter, who joined DuPont in July to lead the six-month review, was formerly chairman and CEO of

G.D. Searle

and chief administrative officer of

Pharmacia

(PHA)

.

The company also said Nicholas Teti, currently president and CEO of DuPont Pharmaceuticals, has decided to retire, effective Dec. 31.

Morgan Stanley Dean Witter

is advising DuPont on the transaction.

Shares of DuPont closed at $43.19 in Wednesday's trading on the

New York Stock Exchange

.