Its Board of Directors has approved Schering-Plough Corporation (NYSE: SGP)’s transaction to acquire Organon BioSciences N.V. - the human and animal health care businesses of Akzo Nobel N.V. (AMS: AKZOY).
The said transaction, expected to close by the end of 2007, is estimated at approximately €11 billion in cash ($14.4 billion based on closing exchange rate on March 9, 2007).
According to Fred Hassan, chairman and chief executive officer, Schering- Plough:
"With this transaction we take another major step in our Action Agenda to transform Schering-Plough into a global high-performance company for the long term. It is the right deal at the right time as we accelerate into the Build the Base phase of our transformation."
Organon's research and manufacturing facility in Oss, the Netherlands, will become the center of Schering-Plough's global gynecology and fertility activities, while Organon's neuroscience research will continue in Newhouse, Scotland.
Find more details from the full press release.
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