With completion of Merck & Co/Schering-Plough merger, Haruo Naito confirmed as new president of IFPMA

US drug majors Merck & Co and Schering-Plough have completed their merger and will begin combined operations today. As previously announced, Schering-Plough will change its name to Merck and its common stock will trade under the ticker symbol 'MRK' on the New York Stock Exchange.

Under the terms of the agreement, Schering-Plough shareholders will receive 0.5767 shares of the newly combined company and $10.50 in cash for each share of Schering-Plough. Each Merck common share will automatically become a common share of the newly combined company.

Meantime, the membership of the International Federation of Pharmaceutical Manufacturers and Associations (IFPMA) confirmed that Haruo Naito, president and chief executive of Japanese drug major Eisai, as its new president, succeeding Fred Hassan, chairman and CEO of Schering-Plough who has stepped down on the completion of his company's merger with Merck. Mr Naito was re-elected as vice president of the IFPMA in November 2008, at which time David Brennan, CEO of AstraZeneca, was elected as the other VP. The IFPMA vice president's position vacated by Mr Naito will be filled by Lamberto Andreotti, president and chief operating officer of Bristol-Myers Squibb.

Commenting on his appointment, Mr Naito said: 'As IFPMA president since 2006, Mr Hassan has provided wise leadership in difficult times and it is an honor to be asked to succeed him. He has encouraged the IFPMA to engage more with other stakeholders, especially those in developing countries, and we can build on the outreach initiated under his presidency. The value of this interactive approach is exemplified by our ongoing collaboration with the World Health Organization and others to deliver a rapid and effective response to the threat of an H1N1 influenza pandemic.'