Intervet takeover EU approved
Schering-Plough Corporation has received approval from
the European Commission for its planned acquisition of Organon BioSciences
(including Intervet) from Akzo Nobel., as announced March 12, 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 euros ($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
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.
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