KENILWORTH, N.J., Jan. 18 /PRNewswire-FirstCall/ -- Schering-Plough Corporation announced this morning that Chairman and CEO Fred Hassan intends to make an open market purchase of $2 million of Schering-Plough Common Shares with personal funds.
"As was the case in November 2003 when I purchased $4.68 million in Schering-Plough Common Shares at an average price of $15.42 (2003 press release below), this investment in Schering-Plough reflects my long-term confidence in the company, its products (including ZETIA and VYTORIN), and our late-stage pipeline," said Hassan. "The media interpretations of the top-line ENHANCE trial results, and the resulting stock price reaction, have been deeply troubling. I firmly believe in VYTORIN and ZETIA. Further, I believe this company is now a strong and diverse global competitor, with sound long- term fundamentals, that is capable of driving long-term growth. Our mission is 'To earn trust, every day,' and this personal stock purchase reflects my faith that, together, our 50,000 dedicated Schering-Plough employees can accomplish that mission."
Hassan had wanted to purchase the stock yesterday, when the stock
closed at $21.62. However, it was determined that, under the federal
securities laws, it would be better to defer the purchase until earnings
for the fourth quarter and the full year 2007 are announced, scheduled for
Feb. 12, 2008, and the full results of the ENHANCE trial are discussed in a
scientific forum, anticipated for the American College of Cardiology
meeting in late March. Hassan committed that the purchase will then be
completed, whatever the stock price at that time. "I had already made a
significant personal investment in Schering-Plough in 2003, and I believe
that adding another $2 million to this personal investment is the right
thing to do."
BELOW: 2003 PRESS RELEASE ON CEO STOCK PURCHASE
SCHERING-PLOUGH CEO BUYS $4.68 MILLION OF COMPANY COMMON STOCK
KENILWORTH, N.J., Nov. 28, 2003 -- Schering-Plough Corporation (NYSE: SGP) today announced that Fred Hassan, chairman and chief executive officer, purchased $4.68 million worth of Schering-Plough common stock, representing 303,500 shares.
Hassan had previously expressed his intention to acquire shares of the company, as reported in Investor Frequently Asked Questions (FAQs) filed with an 8-K/A with the U.S. Securities and Exchange Commission on Aug. 13, 2003.
"This investment in Schering-Plough reflects my long-term confidence in the company," said Hassan. He noted that within a few months of joining Pharmacia & Upjohn in 1997 he had purchased an amount of that company's common shares. Hassan joined Schering-Plough in April 2003.
"As we said at last week's meeting with analysts and investors, there are still significant challenges facing Schering-Plough, but I firmly believe this company can be turned around and become a highly competitive global organization that should be capable of producing long-term growth," said Hassan.
DISCLOSURE NOTICE: This press release may contain "forward-looking statements" about the company's business or prospects. Many factors could cause actual results to differ from the forward-looking statements. The company does not assume any obligation to update any forward-looking statement. For further details and a discussion of risks and uncertainties that may affect forward-looking statements, see the company's current and future Securities and Exchange Commission (SEC) filings, including the third quarter 2003 10-Q.
Schering-Plough is a research-based company engaged in the discovery, development, manufacturing and marketing of pharmaceutical products worldwide.
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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 and consumer products as well as to animal health products. In November 2007, Schering-Plough acquired Organon BioSciences, with its Organon human health and Intervet animal health businesses, marking a pivotal step in the company's ongoing transformation. Schering-Plough's vision is to "Earn Trust, Every Day" with the doctors, patients, customers and other stakeholders served by its approximately 50,000 people around the world. The company is based in Kenilworth, N.J., and its Web site is http://www.schering-plough.com.
|SOURCE Schering-Plough Corporation|
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