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Euro approval for the World's largest animal health business
EUROPE - Schering-Plough Corporation has received European Commission approval for its planned acquisition of Organon BioSciences, from Akzo Nobel.
Organon BioSciences, comprised mainly of Organon, the human pharmaceutical business, and Intervet animal health, will become part of Schering's portfolio by the end of the year. The acquisition will create the World's largest animal health company, although an agreement has been reached to divest certain animal health products in Europe. The divestitures are not material to the company's financial results.
As part of the deal Schering-Plough also acquires Nobilon, the human vaccine development unit, and Diosynth, a third-party manufacturing unit of Organon. No divestitures are required in this sector of the business.
The acquisition is almost finalised, bar certain regulatory approvals, including clearance from the US Federal Trade Commission, which are currently underway.
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