KENILWORTH, N.J., July 2 Schering-PloughCorporation (NYSE: SGP) today announced the successful closing of itspreviously announced transaction with Virbac, S.A. to divest animal healthproducts from selected franchises. These divestments were requested by theEuropean Commission as part of its October 2007 clearance of the acquisitionof Organon BioSciences N.V.
In Europe, Virbac acquired products from the endocrine, mastitis andsulphonamide franchises of Intervet/Schering-Plough Animal Health. Theagreement does not affect the marketing of these products in other globalmarkets. In a second agreement with Virbac that has also closed successfully,Virbac acquired Prosolvin, a product from the fertility range, for worldwideuse. That acquisition also satisfied a request by the South AfricanCompetition Commission in connection with Schering-Plough's 2007 acquisitionof Organon BioSciences N.V. Virbac has acquired these assets for an aggregateeuro 28 million in cash.
By separate agreement announced in April, products fromIntervet/Schering-Plough Animal Health's parasiticide, swine E. coli vaccine,ruminant clostridia vaccine, equine influenza vaccine, ruminant neonatalvaccine, anti-inflammatory, companion animal/insulin and companionanimal/euthanasia, and rabies vaccine franchises will be acquired by asubsidiary of Pfizer. The closing of that transaction is expected to takeplace later this year following receipt of necessary regulatory approvals.
Schering-Plough is an innovation-driven, science-centered global healthcare company. Through its own biopharmaceutical research and collaborationswith partners, Schering-Plough creates therapies that help save and improvelives around the world. The company applies its research-and-developmentplatform to human prescription and consumer products as well as to animalhealth products. Schering-Plough's vision is to "Earn Trust, Every Day" withthe doctors, patients, customers and other stakeholders served by itscolleagues around the world. The company is based in Kenilworth, N.J., and itsWeb site is www.schering-plough.com.
SOURCE Schering-Plough Corporation