Schering-Plough Announces Closing of Planned Divestiture of Selected Animal Healt... ( KENILWORTH N.J. July 2 /- Scherin...)

Schering-Plough Announces Closing of Planned Divestiture of Selected Animal Health Products

Date:7/1/2008

KENILWORTH, N.J., July 2 /PRNewswire-FirstCall/ -- Schering-Plough Corporation (NYSE: SGP) today announced the successful closing of its previously announced transaction with Virbac, S.A. to divest animal health products from selected franchises. These divestments were requested by the European Commission as part of its October 2007 clearance of the acquisition of Organon BioSciences N.V.

In Europe, Virbac acquired products from the endocrine, mastitis and sulphonamide franchises of Intervet/Schering-Plough Animal Health. The agreement does not affect the marketing of these products in other global markets. In a second agreement with Virbac that has also closed successfully, Virbac acquired Prosolvin, a product from the fertility range, for worldwide use. That acquisition also satisfied a request by the South African Competition Commission in connection with Schering-Plough's 2007 acquisition of Organon BioSciences N.V. Virbac has acquired these assets for an aggregate euro 28 million in cash.

By separate agreement announced in April, products from Intervet/Schering-Plough Animal Health's parasiticide, swine E. coli vaccine, ruminant clostridia vaccine, equine influenza vaccine, ruminant neonatal vaccine, anti-inflammatory, companion animal/insulin and companion animal/euthanasia, and rabies vaccine franchises will be acquired by a subsidiary of Pfizer. The closing of that transaction is expected to take place later this year following receipt of necessary regulatory approvals.

Schering-Plough is an innovation-driven, science-centered global health care company. Through its own biopharmaceutical research and collaborations with partners, Schering-Plough creates therapies that help save and improve lives around the worl
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Schering-Plough Announces Closing of Planned Divestiture of Selected Animal Healt...( KENILWORTH N.J. July 2 /- Scherin...)