Schering-Plough 2007/3/12 Akzo release
Acquire Organon BioSciences
Acquisition Builds Strength And Scale For The Long Term, Adding Five Phase III
Projects To Pipeline And Expanding Human And Animal Biologics Capabilities
Schering-Plough Corporation today announced that its Board of Directors has approved a transaction under which Schering-Plough will acquire Organon BioSciences N.V., the human and animal health care businesses of Akzo Nobel N.V., for approximately Euro11 billion in cash ($14.4 billion based on closing exchange rate on March 9, 2007). The transaction, which is expected to close by the end of 2007, is anticipated to be accretive to Schering-Plough's earnings per share (EPS) by about 10 cents in the first full year, excluding purchase-accounting adjustments and acquisition-related costs.
"Organon BioSciences will be an excellent fit with Schering-Plough - strategically, scientifically and financially," said Hassan. "It builds on our growing strength in primary care, giving us immediate access to central nervous system (CNS) and women's health care products. The acquisition of Organon BioSciences also fills a gap in our late-stage pipeline by adding five compounds in Phase III development and a number of promising projects in Phase II development.