KENILWORTH, N.J., Sept. 10 /PRNewswire-FirstCall/ -- Schering-Plough
Corporation (NYSE: SGP) today announced the successful closing of its
previously announced transaction with Pfizer Animal Health, to divest
certain animal health products from selected franchises in the European
Economic Area to Pfizer. These divestments were requested by the European
Commission as part of its October 2007 clearance of the acquisition of
Organon BioSciences N.V. Pfizer has acquired these assets for approximately
euro 116 million in cash.
With this announcement, Schering-Plough has now successfully completed
all product divestments required by the commitments made to the European
Commission in connection with its approval of its acquisition of Organon
Biosciences in 2007. "We are making good progress both globally and at the
country level on our integration, and the closing of the transaction with
Pfizer is another very important step in both that process, as well as
fulfilling our acquisition-related commitments to the European Commission.
We, Intervet/Schering-Plough Animal Health, offer customers a comprehensive
portfolio and an enhanced range of services building a solid platform for
future growth," said Ruurd Stolp, President of Intervet/Schering-Plough
Animal Health.
In Europe, Pfizer acquired products from the 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 of
Intervet/Schering-Plough Animal Health. This agreement does not affect
Intervet/Schering-Plough Animal Health's marketing of these products in
other global markets beyond Europe.
Schering-Plough is an innovation-driven, science-centered global health
care company. Through its own biopharmaceutical research and collaborations
with partners, Schering-Plough creates therapies that help save and improve
lives around the world. The company applies its research-and-development
platform to human prescription and consumer products as well as to animal
health products. Schering-Plough's vision is to "Earn Trust, Every Day"
with the doctors, patients, customers and other stakeholders served by its
colleagues around the world. The company is based in Kenilworth, N.J., and
its website is http://www.schering-plough.com.
SOURCE Schering-Plough Corporation
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Media Contacts, Sabine Schueller, +31 485
587085, or Rosemarie Yancosek, +1-908-298-7476, or Investor
Contacts, Janet Barth or Joseph Romanelli, +1-908-298-7436, all
of Schering-Plough Corporation
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