FTC clears Schering-Plough buy of Organon
US drug major Schering-Plough says that it has received antitrust clearance from the Federal Trade Commission regarding its planned acquisition of Organon BioSciences from Dutch company Akzo Nobel, as announced in the spring (Marketletter March 19). S-P's bid price for Organon at the time was 11.0 billion euros, which translated into $14.4 billion at the time, but at current exchange rates comes to $15.99 billion). S-P's stock rose 2.1% to $29.94 in morning trading on the news, announced November 16.
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 conditional clearance, S-P and Intervet will divest three poultry vaccines in the USA. The divestitures are not material to the company's financial results. No divestitures of human health products are required, says the US company.
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