Approval for takeover of Organon by SP
Schering-Plough has received approval from the European Commission
for its planned acquisition of Organon BioSciences from Akzo Nobel, 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.
Animal health products
In connection with the
approval, 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.
as announced on March
12, 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 (FTC), 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 organization would
have sales totalling $2.318 billion, based on 2006 sales.
â€¢ Schering Plough
â€¢ Federal Trade Commission
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