Navigation Links
Schering-Plough Reports Proposed Settlement in Litigation Involving Planned Merger with Merck
Date:7/24/2009

KENILWORTH, N.J., July 24 /PRNewswire-FirstCall/ -- Schering-Plough Corporation (NYSE: SGP) today reported a proposed settlement, subject to Court approval, to resolve litigation seeking to enjoin the planned merger with Merck & Co., Inc., and other forms of relief. The consolidated class action lawsuits, previously reported in the merger proxy statement/prospectus filed June 25, 2009, were filed in U.S. District Court for the District of New Jersey.

The proposed settlement, as more fully described in a Form 8-K being filed today, provides for Schering-Plough to make additional disclosures related to the proposed merger, which are contained in the Form 8-K. No damages would be paid by Schering-Plough in connection with this proposed settlement. The parties agreed that plaintiffs' counsel may apply to the Court for an award of attorneys' fees and costs, to be paid by Schering-Plough.

This settlement, if approved by the court, and the settlement announced by Merck today, will serve to resolve and release all claims that were or could have been brought by any shareholder of Schering-Plough or Merck challenging any aspect of the proposed merger, including any disclosures made in connection therewith. Schering-Plough said the proposed settlement is not in any way an admission of any wrongdoing or liability in connection with plaintiffs' allegations. The company said it agreed to settle the suit in order to avoid the further costs and inherent uncertainty of litigation.

Schering-Plough Disclosure Statement

This communication includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such statements may include, but are not limited to, statements about the resolution of litigation. Such statements are based upon the current beliefs and expectations of Schering-Plough's management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements.

The Court not approving the settlement, among other factors, could cause actual results to differ from those set forth in the forward-looking statements. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in Schering-Plough's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2009, the registration statement filed by Schering-Plough on June 16, 2009, the merger proxy statement/prospectus filed June 25, 2009, and Schering-Plough's other filings with the Securities and Exchange Commission (the "SEC") available at the SEC's Internet site (www.sec.gov).

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 medicine news :

1. New Vaccine from Intervet/Schering-Plough Animal Health is First for Canine Influenza Virus
2. Schering-Plough Announces European Filing of SYCREST(R) (asenapine) for the Treatment of Schizophrenia and Bipolar I Disorder
3. Valeant Grants Schering-Plough Exclusive Option in Japan for Taribavirin in Exchange for Release of Last Right of Refusal
4. Johnson & Johnson Files Arbitration Demand Against Schering-Plough to Resolve Dispute Over Agreements for REMICADE(R) and SIMPONI(TM)
5. Video: Schering-Plough Introduces TINACTIN(R) CHILL, a Line of Antifungal Products Geared Specifically to Young Males
6. Schering-Plough Starts Patient Enrollment in Phase 3 Trial for Acadesine, an Investigational Agent Being Studied for Prevention of Complications From Cardiac Surgery
7. Schering-Plough Flips the Switch on 1.7 MW Rooftop Solar Panel System, One of the Largest in N.J., North America
8. J&J, Schering-Plough, Novartis, Bayer vie for Top Honors at the Premier OTC / Healthcare Ad Awards
9. Schering-Plough Reports Financial Results for 2009 First Quarter
10. EPA Names Schering-Plough 2009 EPA ENERGY STAR(R) Partner of the Year
11. Settlement Hearing on Schering-Plough Corporation Securities Litigation to be Held on June 1, 2009 at 2:00 P.M.
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:7/20/2017)... ... July 19, 2017 , ... A July ... lead to, or worsen, varicose veins in some patients, according to medical experts. ... certain not-so-good practices, like excessive sitting or standing, or regularly nicking yourself while ...
(Date:7/20/2017)... ... July 20, 2017 , ... “Lucky the Buffalo and Her Adventures”: a collection of heartwarming children’s ... Bieniek. Edward Steven Bieniek Jr. was born in Toledo, Ohio. He attended Woodward ... tech. He is married to a brilliant woman with a caring heart named Tiina, ...
(Date:7/18/2017)... ... July 18, 2017 , ... Cognition Corporation , ... two more sessions of its “From the Helm” Webinar Series. , These ... David Cronin, Cognition’s CEO, the half-hour public webinars will take an in-depth look ...
(Date:7/18/2017)... ... ... of an international clinical trial, led in part by a UC Davis School of Medicine ... promise for a subgroup of patients. , In a paper just published online in the ... in 18 countries describe the clinical benefit of using the drug ataluren for a certain ...
(Date:7/18/2017)... ... July 18, 2017 , ... An inventor from Anacortes, ... "Due to menopause, I have frequent hot flashes, and I suffer from anxiety and ... way to keep cool while out and about." INSTA-FAN meets that need. , This ...
Breaking Medicine News(10 mins):
(Date:7/14/2017)... , July 13, 2017 It should come ... States is in the midst of a crippling ... , since 1999, the number of overdose deaths from opiate-based ... in over half a million dead from 2001 to 2015". ... oxycodone, and hydrocodone has similarly quadrupled, drawing a compelling link ...
(Date:7/12/2017)... CarpalAID is a revolutionary new product that relieves painful ... Carpal tunnel syndrome affects more than 8 million people a year. ... men. The common methods of treating CTS are painful surgery, the ... or gloves. ... CarpalAID is a clear patch worn on the palm of ...
(Date:7/11/2017)...  The global market for liquid biopsy diagnostic and ... in 2016.  Although in early stages, the global market ... as a result of the gradual shift towards personalized ... of a significant number of new liquid biopsy tests ... biomarkers to guide treatment decisions. ...
Breaking Medicine Technology: