Pharma BD Deal Intelligence

Bayer AG / Schering AG

2006 · Acquisition/Merger · $21.5B · Complete

The Street Said

Strongly positive — critic reaction at announcement

History Says

Worked — the deal delivered on its rationale

CALLED IT — OFF BY 1

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Top 10 largest deals of the 2000s

Ranks computed across 828 graded deals (Critic + Outcome Score both present).

The coverage arc

Mar 24, 2006 NBC News Bullish

Schering CEO Hubertus Erlen stated both businesses are complementary and follow the same strategy, together they will be even more competitive internationally

Jun 21, 2006 BioSpace Bullish

Bayer AG successfully completed its takeover of Schering AG, controlling 88 percent of outstanding shares, with the merged entity Bayer Schering Pharma…

Mar 22, 2007 Pharmafile Bullish

Bayer HealthCare turnover rose 46% to 11.7 billion euros on the back of the Schering acquisition, with the pharmaceuticals business up nearly 84% to…

Source summaries from our enrichment pipeline; follow links for originals.

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Bayer acquired Schering AG for approximately EUR 17 billion (~$21.5 billion) in an all-cash tender offer, outbidding rival Merck KGaA to gain Schering's strong portfolio in women's health (Yasmin), diagnostic imaging (Magnevist), and oncology pipeline including Nexavar.

Key facts

Announced Mar 23, 2006
Closed Dec 29, 2006
Deal value $21.5B
Deal type Acquisition/Merger
Therapeutic area Dermatology, Hematology, Neurology, Oncology, Women's Health
Indications Contraception, Multiple sclerosis, MRI contrast imaging, Renal cell carcinoma, Hepatocellular carcinoma
Key assets Yasmin/YAZ (drospirenone/ethinyl estradiol), Betaferon (interferon beta-1b), Magnevist (gadopentetate dimeglumine), Nexavar (sorafenib, co-developed with Onyx), Mirena (levonorgestrel IUD), Ultravist (iopromide), Schering Berlin diagnostic imaging portfolio
Mechanism Progestin/estrogen combination, Interferon beta immunomodulator, Gadolinium-based MRI contrast agent, Multi-kinase inhibitor (VEGFR/PDGFR/RAF)

Related deals — scored

Deal	Year	Value	Outcome
Bayer AG / Schering AG (this deal)	2006	$21.5B	79
Bayer AG / BlueRock Therapeutics	2002	$600M	79
Bayer AG / Merck & Co., Inc.	2014	$14.2B	71
Bayer AG / Schering AG (residual squeeze-out)	2007	$985M	69
Bayer AG / Arvinas, Inc.	2019	$1.0B	59
Bayer AG / Merck & Co. Inc.	2014	$14.2B	56
Bayer AG / Asklepios BioPharmaceuticals	2020	$2.0B	49

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