Merck and Schering-Plough Complete Merger

The merged company has approximately 106,000 employees and operates in more than 140 countries around the world, including emerging markets; Merck is expected to reap huge cost savings from the merger by cutting about 15% of the companies' combined workforce. The new organizational structure will take advantage of the combined strengths of Merck and Schering-Plough to create a more customer-focused, innovative, and diversified global health care company positioned to capitalize on opportunities for growth, particularly in emerging markets, biologics, and vaccines. Merck now has five primary divisions: Global Human Health, Animal Health, Consumer Health Care, Merck Research Laboratories, and Merck Manufacturing.

"With our merger now complete, we are ready to deliver on the promise of a new Merck built on a foundation of scientific innovation and dedication to the well-being of patients around the world,” said Richard Clark, chairman, president, and CEO of Merck. "On 'Day One' for the new Merck, we are stronger and better equipped to make a difference in the lives of people globally through our broadened, diversified portfolio of innovative medicines and vaccines, and products for consumer and animal health.”

Under the terms of the merger agreement, valued at U.S. $41.1 billion, Schering-Plough shareholders will receive 0.5767 shares of the newly combined company and $10.50 in cash for each share of Schering-Plough. Each Merck common share will automatically become a common share of the newly combined company.

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