SCHERING-PLOUGH TO ACQUIRE ORGANON BIOSCIENCES

Schering-Plough, based in the U.S., announced it will acquire Organon BioSciences, the human healthcare businesses of Akzo Nobel, for approximately $14.4 billion. The transaction is expected to close by the end of the year.

"Organon BioSciences will be an excellent fit with Schering-Plough — strategically, scientifically and financially," Fred Hassan, chairman and CEO of Schering- Plough, said. "It builds on our growing strength in primary care, giving us immediate access to central nervous system and women's healthcare products. The acquisition of Organon BioSciences also fills a gap in our late-stage pipeline by adding five compounds in Phase III development and a number of promising projects in Phase II development."

Organon BioSciences had sales of $3.4 billion in 2006, according to Schering-Plough. Its leading products include: Follistim, a follicle-stimulating hormone for infertility; Esmeron, a muscle relaxant; and NuvaRing and Implanon, both contraceptives.

In addition, Organon BioSciences currently has several compounds in late-stage development, including: Asenapine, a treatment for schizophrenia and bipolar disorder; NOMAC/E2, an oral contraceptive containing nomegestrol acetate and estriadiol; ORG36286, a long-acting follicle-stimulating hormone for infertility; and Esmirtazapine, a treatment for insomnia and potentially for hot flashes in menopausal women.

Organon BioSciences' research and manufacturing facility in Oss, the Netherlands, will be the center of Schering-Plough's global gynecology and fertility activities.

The transaction is subject to certain closing conditions, including regulatory approvals.