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Schering-Plough to Buy Akzo’s Pharma Unit

11:52 AM MDT | July 26, 2007 | Alex Scott and Kerri Walsh

Akzo Nobel says it has agreed to sell its pharmaceuticals business Organon BioSciences (OBS) to Schering-Plough for €11 billion ($14.5 billion). The companies expect the deal to be completed in the second half, following regulatory approval. The divestiture would provide Akzo with extra cash, which has rekindled some expectations that Akzo plans to bid for ICI, media reports say. The deal will fill a gap in Schering-Plough’s late-stage drug development pipeline by adding five compounds in Phase III development and several “promising projects in...

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