Combination Expands Human Health Business, Creates a Global Leader in Animal Health and Strengthens Product Pipeline, Adding Five Phase III
KENILWORTH, N.J., Nov. 19 /PRNewswire-FirstCall/ -- Schering-Plough Corporation (NYSE: SGP) today announced that it has completed the acquisition of Organon BioSciences N.V., creating a stronger combined company with broader human and animal health portfolios, an enhanced pipeline and increased R&D capabilities. Schering-Plough's agreement to acquire Organon BioSciences was announced on March 12, 2007.
"By bringing together complementary businesses, we will be growing even stronger and even better in our people, products and science," said Fred Hassan, chairman and chief executive officer, Schering-Plough Corporation. "The promise of this combination is profound. We will be working hard to realize that promise -- for our customers, for the patients, for our other stakeholders and for our shareowners."
Organon BioSciences is comprised primarily of Organon, a human health business, and Intervet, an animal health business. It also includes Nobilon, a human vaccine development unit, and Diosynth, a third-party manufacturing unit of Organon. Schering-Plough acquired Organon BioSciences from Akzo Nobel N.V. for approximately euro 11 billion in cash.
Hassan said, "Through this combination we create a powerful science and technology platform. We expand and strengthen Schering-Plough's late-stage Rx pipeline with five additional promising Phase III compounds. We acquire a robust biologics manufacturing capability that is an excellent match for our earlier-stage biologics projects.
"With Organon, we expand into two
|SOURCE Schering-Plough Corporation|
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