Akzo Nobel, which had already announced its intention to spin off Organon, with analysts expecting it to fetch a value of 8 billion to 9 billion euros ($10.2 billion-$11.5 billion), said in a statement that it hoped to take the pharmaceutical unit public in early 2007.
The company is now seekign approval from the shareholders, and a meeting is planned for September 7 to hold votation.
Organon's success depends heavily on the results of the Phase III clinical study of Asenapine, Organon's new anti-depressant drug candidate co-developed with US pharmaceutical firm, Pfizer (PFE).
Analysts say the announcement of the spin-off could indicate that Akzo is confident about the approval of Asenapine.
Source: Reuters
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