23 April 2008
Kenilworth, New Jersey
Schering-Plough Announces Planned Divestiture of Select Animal Health Products in Europe
KENILWORTH, N.J., April 23 /PRNewswire-FirstCall/ -- Schering-Plough Corporation (NYSE: SGP) today announced two agreements to divest animal health products from 12 product franchises in Europe. These agreements are in connection with conditions set forth by the European Commission as part of its October 2007 clearance of Schering-Plough's acquisition of the Intervet animal health business from Akzo Nobel N.V.
In two separate agreements, Pfizer and Virbac, a French animal health company, will acquire the 12 product franchises. Pfizer will acquire products from Schering-Plough's 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. Virbac will acquire products from Schering-Plough's endocrine, mastitis and sulphonamide franchises. The agreements do not affect Schering-Plough's marketing of these products in other global markets. No manufacturing facilities or employees will be transferred with these products. Schering-Plough will supply product to both Pfizer and Virbac with oversight from a monitoring trustee for a contractually defined period of time. The transactions are subject to certain closing conditions, including regulatory approval by the European Commission.
DISCLOSURE NOTICE: The information in this press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the divestiture of certain animal health products. Forward-looking statements relate to expectations or forecasts of future events. Schering-Plough does not assume the obligation to update any forward-looking statement. Many factors could cause actual results to differ materially from Schering-Plough's forward-looking statements, including market forces; economic factors; and the regulatory process; , among other uncertainties. For further details about these and other factors that may impact the forward-looking statements, see Schering-Plough's Securities and Exchange Commission filings, including Part I, Item IA. "Risk Factors" in Schering-Plough's 2007 10-K/A.
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 Web site is www.schering-plough.com.
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