October 16, 2007

Schering Plough to acquire Akzo Nobel's Organon

The European Commission has approved Schering-Plough Corporation to acquire Organon BioSciences from Akzo Nobel to create 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.

The clearance also allows Schering-Plough to divest certain animal health products in Europe. The divestitures are not material to the company's financial results and no human health products are required.

The acquisition, wherein Schering-Plough would buy Organon for 11 billion euros (US$14.4 billion), still needs to secure certain regulatory approvals, including clearance from the US Federal Trade Commission, which is expected to be completed by year-end 2007.

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 organisation would have sales totalling US$2.318 billion, based on 2006 sales.