Merck acquires Schering-Plough
This article was originally published in The Rose Sheet
Executive Summary
Pharma company Merck says it plans to keep Schering-Plough's $1.28 bil. consumer health division in its $41.1 bil. acquisition of the firm, announced March 9. Schering-Plough makes and markets sunscreen brands Bain de Soleil and Coppertone within its consumer business. Schering's consumer and animal health businesses could provide a diversified revenue stream and a stable source of cash flow for Merck, which primarily markets drugs. However, Johnson & Johnson has a stake in a partnership with Schering, and may pursue a counter-bid, arbitration, or a deal with Merck (Find more on this topic in 1"The Pink Sheet")
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Schering-Plough results
Firm's consumer health-care business in the third quarter advanced 2% to $282 mil., hampered in part by lower sales of sun-care and foot-care products, the company reports Oct. 22. According to the Kenilworth, N.J. firm, sales of sun-care brands, including Bain De Soleil and Coppertone, sank 19% to $17 mil. S-P's net sales in the third quarter declined 2% to $4.5 bil., and net income fell 17% to $477 mil. Separately S-P announces Oct. 23 that the European Commission has approved the company's $41.1 bil. merger with pharma giant Merck, which is slated to close in the fourth quarter (1"The Rose Sheet" March 16, 2009, In Brief)
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