Schering-Plough To Acquire Intervet

newslineSchering-Plough to Acquire IntervetSchering-Plough to Acquire IntervetSchering-Plough to Acquire IntervetSchering-Plough Corp. has agreed to acquire Organon BioSciences N.V.Schering-Plough Corp. has agreed to acquire Organon BioSciences N.V.

Schering-Plough Corp. has agreed to acquire Organon BioSciences N.V., which includes the animal health company Intervet, from Akzo Nobel N.V. for about $14.4 billion.

On the animal health side, the acquisition creates a leading animal health business based on 2006 sales, according to Schering-Plough. 

 Intervet, which had sales of about $1.5 billion in 2006, includes the products Nobivac, a range of canine vaccines; Panacur, a de-wormer; Bovilis, a bovine biological for disease control and eradication; and Nobilis, a poultry vaccine to keep flocks free from infectious disease.

Schering-Plough said that it expects to achieve annual synergies of $500 million within three years. It will finance the acquisition through a mix of cash, debt and equity.

The transaction is expected to close by the end of 2007.

03-12-2007

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