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Exhibition Stands News

Schering-Plough and Merck to merge in $41.1 bn deal

09 Mar 2009

Merck and Schering-Plough are to merge, under the name of the former, as part of a $41.1 billion (£29.6 billion) deal, it has been announced.

The transaction will see shareholders in Schering-Plough receive 0.5767 shares and $10.50 in cash for each share in the firm.

Meanwhile, each Merck share will automatically become a share in the new combined business.

Richard T Clark, chairman, president and chief executive officer of Merck, will lead the new enterprise.

He said the new company will benefit from a "formidable" research and development pipeline, expanded presence in international markets and a broader portfolio of medicines.

Fred Hassan, Schering-Plough''s chief executive officer and chairman, said he was proud of the pharmaceutical company''s achievements over the past couple of years.

"We are confident that together, Merck and Schering-Plough will make a meaningful difference in the future of global healthcare," Mr Clark concluded.

In recent days, Schering-Plough announced it is set to present at the Barclays Capital Global Healthcare Conference, which takes place tomorrow.ADNFCR-2086-ID-19064255-ADNFCR