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An expensive rescue that became a takeover invitation: Schering-Plough paid $14.4B for Organon BioSciences, landing NuvaRing, Remeron, Intervet animal health, and the sugammadex pipeline—but the debt load left it exposed, and Merck absorbed Schering-Plough itself just two years later.
Expensive acquisition loaded Schering-Plough with debt making it a Merck takeover target
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Schering-Plough completed its $14.43 billion acquisition of Organon BioSciences from Akzo Nobel, combining portfolios to strengthen human and animal health…
Schering-Plough acquired Organon for $14.5B.
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Schering-Plough Corporation acquired Organon BioSciences N.V. from Akzo Nobel for approximately $14.4 billion (EUR 11 billion) in cash, gaining a pharmaceutical business (Organon) with $3.4 billion in 2006 sales, an animal health business (Intervet), and late-stage pipeline assets in women's health and CNS.
6.1M US cases/yr · $8.0B Global Women's Health Market (2007)
Contraception and fertility care are core pillars of women's health. Modern contraception spans barrier methods, hormonal methods (combined and progestin-only pills, vaginal rings, transdermal patches, injectables), long-acting reversible contraceptives (subdermal implants and IUDs), and sterilization. Assisted reproductive technology relies on ovarian stimulation using exogenous follicle-stimulating hormone (FSH) analogs to recruit multiple follicles for in vitro fertilization and related fertility treatments.
Schering-Plough's $14.4B acquisition of Organon BioSciences from Akzo Nobel added women's health and CNS franchises plus five Phase III compounds. The deal made Schering-Plough itself an attractive takeover target, leading to Merck's $41B acquisition of Schering-Plough in 2009.
Schering-Plough Corp. closes acquisition/merger of Organon International for $14.5B, establishing strategic position and initiating integration.
Schering-Plough acquired Organon BioSciences for $14.5B but the debt made it vulnerable to Merck 2009 reverse merger. Assets proved valuable under Merck.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Schering-Plough Corp. / Organon International (this deal) | 2007 | $14.4B | 56 |
| Schering-Plough Corp. / Organon & Co. | 2007 | $14.4B | 48 |
| Schering-Plough Corp. / Organon BioSciences N.V. (Akzo Nobel) | 2007 | $14.5B | 48 |
| Schering-Plough Corp. / NeoGenesis Pharmaceuticals | 2005 | — | 30 |
| Novartis AG / Advanced Accelerator Applications S.A. | 2017 | $3.9B | 98 |
| Allergan plc / Merck & Co., Inc. (CGRP receptor antagonist program) | 2015 | $250M | 91 |
| Cephalon Inc. / Laboratoire L. Lafon S.A. (Group Lafon) | 2000 | $450M | 89 |
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