Navigation Links
Schering-Plough Shareholders Approve Merger With Merck
Date:8/7/2009

BOSTON, Aug. 7 /PRNewswire-FirstCall/ -- Schering-Plough Corporation (NYSE: SGP) announced the voting results of a special shareholders meeting today regarding the proposed merger with Merck & Co., Inc. More than 99 percent of votes cast voted to approve the merger agreement, with more than 78 percent of common shares voting.

"Today's vote by our shareholders reflects the potential they see to create a strong global health care leader by combining these two companies," said Fred Hassan, Schering-Plough chairman and CEO. "After six years of transformation under our Action Agenda, our Schering-Plough colleagues can be very proud of the strengths and diversity we have created. As we move closer to realizing this merger, we will continue to focus on driving our business and advancing our strong late-stage pipeline until closing."

The merger, which is expected to close in the 2009 fourth quarter, is subject to the satisfaction of customary closing conditions and regulatory approvals, including expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, as well as clearance by the European Commission under the EC Merger Regulation and certain other foreign jurisdictions.

In the merger, Schering-Plough shareholders will receive 0.5767 of a common share in the combined company (to be called Merck) and $10.50 in cash for each Schering-Plough common share. Each Merck share will become a share of the combined company. Following completion of the merger, it is anticipated that the combined company will continue the dividend policies of Merck, currently a quarterly cash dividend of $0.38 per common share (subject to declaration by the board of directors and a variety of factors including business and financial considerations).

DISCLOSURE NOTICE:

The information in this press release and other written reports and oral statements made from time to time by the company may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements do not relate strictly to historical or current facts and are based on current expectations or forecasts of future events. You can identify these forward-looking statements by their use of words such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "project," "intend," "plan," "potential," "will," and other similar words and terms. In particular, forward-looking statements include statements about the timing and potential benefits of the proposed merger between Merck and Schering-Plough; Schering-Plough's and the combined company's strengths; the trending of Schering-Plough's pipeline and business; and other statements that are not historical facts. Actual results may vary materially from the company's forward-looking statements, and there are no guarantees about the performance of Schering-Plough stock or Schering-Plough's business or the combined company's business. Schering-Plough does not assume the obligation to update any forward-looking statement.

A number of risks and uncertainties could cause actual results to differ materially from forward-looking statements, including, among other uncertainties, market viability of the company's and Merck's marketed products and pipeline projects; market forces; economic factors such as interest rate and exchange rate fluctuations; the outcome of contingencies such as litigation and investigations; product availability; patent and other intellectual property protection; current and future branded, generic or over-the-counter competition; the regulatory process (including product approvals, labeling and post-marketing actions); scientific developments relating to marketed products or pipeline projects; media and societal reaction to such developments; and the ability of Schering-Plough and Merck to obtain governmental approvals of the merger on the proposed terms and schedule. For further details of these and other risks and uncertainties that may impact forward-looking statements, see Schering-Plough's Securities and Exchange Commission filings, including Part II, Item 1A "Risk Factors" in the company's second quarter 2009 10-Q, filed July 24, 2009 and "Risk Factors" in the joint merger proxy/prospectus dated June 25, 2009.

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 world. The company applies its research-and-development platform to human prescription, animal health and consumer health care products. Schering-Plough's vision is to "Earn Trust, Every Day" with the doctors, patients, customers and other stakeholders served by its colleagues around the world. The company is based in Kenilworth, N.J., and its Web site is www.schering-plough.com.


'/>"/>
SOURCE Schering-Plough Corporation
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. PeriCor Therapeutics Announces Closing of Licensing Agreement for Acadesine with Schering-Plough Corporation
2. Schering-Plough Announces Pricing of Senior Notes Offering
3. Schering-Plough to Webcast Presentation at Merrill Lynch Global Pharmaceutical, Biotech & Medtech Conference
4. Schering-Plough Receives Approval from European Commission for Planned Acquisition of Organon BioSciences N.V.
5. Schering-Plough Completes Acquisition of Organon BioSciences
6. Schering-Plough Wins Three of Scrips Top Pharma Industry Awards
7. Schering-Plough Schedules Conference Call and Webcast for 2007 Fourth Quarter, Full-Year Financial Result
8. Schering-Plough to Webcast Presentation at Morgan Stanley Pharmaceutical CEOs Unplugged Conference
9. Schering-Plough Announces New Drug Application for Sugammadex Assigned Priority Review Status by U.S. FDA
10. Schering-Plough Announces Sugammadex New Drug Application Filed in Japan
11. FDA Grants Priority Review for Schering-Ploughs Peginterferon Alfa-2b for the Adjuvant Treatment of Patients With Stage III Melanoma
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/17/2017)... , Feb. 17, 2017  BioGenex, a ... announce development of a novel system for quantitative ... with the University of Rochester (NY, USA) and ... The new system is able to accurately quantify ... HER2 (Human epidermal growth factor receptor-2) in clinical ...
(Date:2/16/2017)... ... February 16, 2017 , ... Avomeen & MichBio will be hosting a ... held at Avomeen Analytical Services (4840 Venture Dr., Ann Arbor, Michigan 48108). BioMixers ... an opportunity to interact with peers, make new connections and talk bio biz. , ...
(Date:2/16/2017)... -- Research and Markets has announced the ... report to their offering. ... The study scope ... plasmids, chassis organisms, synthetic cells, production systems), enabling technologies ... and specialty media) and enabled technologies (biofuels, chemicals, pharmaceuticals, ...
(Date:2/16/2017)... , Feb. 16, 2017  Dermata Therapeutics, ... products to treat a variety of dermatological diseases, ... Series 1a financing and entered into a $5 ...  Dermata intends to use the capital for general ... major advancements in the treatment of serious diseases ...
Breaking Biology Technology:
(Date:1/24/2017)... , Jan. 24, 2017  It sounds simple ... sock that monitors vital signs and alerts parents ... infant,s oxygen saturation level drops. But pediatric experts ... to parents, with no evidence of medical benefits, ... are marketed aggressively to parents of healthy babies, ...
(Date:1/19/2017)... , Jan. 19, 2017 Sensory ... experience and security for consumer electronics, and ... processing systems and cybersecurity solutions, today announced a ... and financial institutions worldwide to bolster security of ... end-to-end secure user authentication platforms they offer, innerCore ...
(Date:1/12/2017)... -- Trovagene, Inc. (NASDAQ: TROV ), a developer ... it has signed agreements with seven strategic partners across ... Middle East for commercialization of the Trovera™ ... of international distribution agreements for Trovagene,s CLIA based liquid ... The initial partners will introduce Trovagene,s liquid biopsy tests ...
Breaking Biology News(10 mins):