KENILWORTH, N.J., April 23 /PRNewswire-FirstCall/ -- Schering-Plough Corporation (NYSE: SGP) today announced two agreements to divest animal health products from 12 product franchises in Europe. These agreements are in connection with conditions set forth by the European Commission as part of its October 2007 clearance of Schering-Plough's acquisition of the Intervet animal health business from Akzo Nobel N.V.
In two separate agreements, Pfizer and Virbac, a French animal health company, will acquire the 12 product franchises. Pfizer will acquire products from Schering-Plough'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. Virbac will acquire products from Schering-Plough's endocrine, mastitis and sulphonamide franchises. The agreements do not affect Schering-Plough's marketing of these products in other global markets. No manufacturing facilities or employees will be transferred with these products. Schering-Plough will supply product to both Pfizer and Virbac with oversight from a monitoring trustee for a contractually defined period of time. The transactions are subject to certain closing conditions, including regulatory approval by the European Commission.
DISCLOSURE NOTICE: The information in this press release includes
certain "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, including statements relating to
the divestiture of certain animal health products. Forward-looking
statements relate to expectations or forecasts of future events.
Schering-Plough does not assume the obligation to u
|SOURCE Schering-Plough Corporation|
Copyright©2008 PR Newswire.
All rights reserved