Schering-Plough Receives Request for Additional Information From Federal Trade Commission in Connection With Planned Organon Biosciences N.V. Transaction
KENILWORTH, N.J., May 04, 2007 /PRNewswire-FirstCall/ -- Schering-Plough Corporation today announced that it received a Request for Additional Information (Second Request) from the Federal Trade Commission (FTC) on May 2 regarding its planned acquisition of Organon BioSciences N.V., the human and animal health care businesses of Akzo Nobel N.V. (Announced March 12). A request for further information is typical in a transaction of this size. Schering-Plough will continue to cooperate fully with the FTC in its continuing evaluation. Schering-Plough continues to expect the transaction to be completed by year-end 2007, and it remains subject to certain closing conditions, including regulatory approvals and discussions with Works Councils.
Schering-Plough is a global science-based health care company with leading prescription, consumer and animal health products. Through internal research and collaborations with partners, Schering-Plough discovers, develops, manufactures and markets advanced drug therapies to meet important medical needs. Schering-Plough's vision is to earn the trust of the physicians, patients and customers served by its approximately 33,500 people around the world. The company is based in Kenilworth, N.J., and its Web site is http://www.schering-plough.com.
DISCLOSURE NOTICE: The information in this press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements do not relate strictly to historical or current facts and are based on current expectations or forecasts of future events. You can identify these forward-looking statements by their use of words such as "anticipate," "expect," "forecast," "planned," and other similar words and terms. In particular, forward-looking statements include statements relating to future actions, expected synergies, ability to access the capital markets, prospective products or product approvals, timing and conditions of regulatory approvals, patent and other intellectual property protection, future performance or results of current and anticipated products, sales efforts, research and development programs, growth strategy and financial results.
Actual results may vary materially from the company's forward-looking statements and there are no guarantees about the performance of Schering- Plough stock or Schering-Plough's business. Schering-Plough does not assume the obligation to update any forward-looking statement. A number of risks and uncertainties could cause results to differ from forward-looking statements, including obtaining regulatory approvals and satisfaction of other customary closing conditions, inaccurate assumptions, market forces, economic factors such as interest rate and exchange rate fluctuations, the outcome of contingencies such as litigation and investigations, product availability, patent and other intellectual property protection, current and future branded, generic or over-the-counter competition, the regulatory process, and any developments following regulatory approval, among other uncertainties. For further details of these and other risks and uncertainties that may impact forward-looking statements, see Schering-Plough's Securities and Exchange Commission filings, including Part II, Item 1A, "Risk Factors" in the company's 2007 10-Q.
CONTACT: Media: Rosemarie Yancosek, +1-908-298-7476, Invesors: Alex Kelly,+1-908-298-7436, both of Schering-Plough Corporation
Web site: http://www.schering-plough.com//
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Posted: May 2007