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Schering-Plough announces closing of planned divestiture of selected animal health products to Pfizer

KENILWORTH, N.J., September 10, 2008 – Schering-Plough Corporation (NYSE: SGP) today announced the successful closing of its previously announced transaction with Pfizer Animal Health, to divest certain animal health products from selected franchises in the European Economic Area to Pfizer. These divestments were requested by the European Commission as part of its October 2007 clearance of the acquisition of Organon BioSciences N.V. Pfizer has acquired these assets for approximately euro 116 million in cash.

With this announcement, Schering-Plough has now successfully completed all product divestments required by the commitments made to the European Commission in connection with its approval of its acquisition of Organon Biosciences in 2007. “We are making good progress both globally and at the country level on our integration, and the closing of the transaction with Pfizer is another very important step in both that process, as well as fulfilling our acquisition-related commitments to the European Commission. We, Intervet/Schering-Plough Animal Health, offer customers a comprehensive portfolio and an enhanced range of services building a solid platform for future growth,” said Ruurd Stolp, President of Intervet/Schering-Plough Animal Health.
In Europe, Pfizer acquired products from the 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 of Intervet/Schering-Plough Animal Health. This agreement does not affect Intervet/Schering-Plough Animal Health’s marketing of these products in other global markets beyond Europe.
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 website is www.schering-plough.com.

MET: 2017-12-18 04:22:34