Schering-Plough divests health products

25-04-2008 | |

Schering-Plough Corporation has announced two agreements to divest animal health products from 12 product franchises in Europe.

These agreements are in connection with conditions set forth by the European
Commission as part of its October 2007 clearance of Schering-Plough’s
acquisition of the Intervet animal health business from Akzo Nobel NV.

In
two separate agreements, Pfizer and Virbac, a French animal health company, will
acquire the 12 product franchises.

Pfizer will acquire products from
Schering-Plough’s parasiticide, swine E. coli vaccine, ruminant clostridia
vaccine, equine influenza vaccine, ruminant neonatal vaccine, anti-inflammatory,
companion animal/insulin and companion animal/euthanasia, and rabies vaccine
franchises.

Virbac will acquire products from Schering-Plough’s
endocrine, mastitis and sulphonamide franchises. The agreements do not affect
Schering-Plough’s marketing of these products in other global
markets.

According to Schering-Plough, no manufacturing facilities or
employees will be transferred with these products. The company will supply
products to both Pfizer and Virbac with oversight from a monitoring trustee for
a contractually defined period of time.

The transactions are subject to
certain closing conditions, including regulatory approval by the European
Commission.

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