Schering Plough to takeover Organon
Schering-Plough Corporation has received approval from the European Commission for its planned acquisition of Organon BioSciences from Akzo Nobel, thus creating the largest animal health company in the world.
Organon BioSciences is comprised mainly of Organon, the human pharmaceutical business, and Intervet, the animal health business. It also includes Nobilon, the human vaccine development unit, and Diosynth, the third- party manufacturing unit of Organon.
In connection with the clearance, Schering-Plough has agreed to divest certain animal health products in Europe. The divestitures are not material to the company’s financial results. No divestitures of human health products are required.
The transaction, in which Schering-Plough would acquire Organon for €11 billion ($14.4 billion), still needs to secure certain regulatory approvals, including clearance from the US Federal Trade Commission, which is expected to be completed by year-end 2007.
Schering-Plough is a global science-based health care company with leading prescription, consumer and animal health products. With 35,000 employees the combined animal health organisation would have sales totalling $2.318 billion, based on 2006 sales.