April 25, 2008

Schering-Plough to divest 12 animal health products

Press Release
 

Schering-Plough Corporation 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 N.V.

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.

Schering-Plough will supply product 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.