Bayer Schering Pharma AG Launches as New Company - Pharmaceutical Technology

Latest Issue
PharmTech

Latest Issue
PharmTech Europe

Bayer Schering Pharma AG Launches as New Company


ePT--the Electronic Newsletter of Pharmaceutical Technology

Untitled Document

Berlin and Leverkusen, Germany (Dec. 29)—Bayer Schering Pharma AG officially was launched as a new company following the acquisition of Schering AG (Berlin, Germany) by the Bayer Group (Leverkusen, Germany, www.bayer.com).

The name of the new company, Bayer Schering Pharma AG, was officially recorded as an entry in the commercial register on December 29, 2006, thus completing another important condition for combining Bayer’s and Schering’s pharmaceutical businesses. The combined pharmaceutical businesses of Bayer and Schering had 2005 proforma sales of more than EUR 9 billion ($11.7 billion).

Bayer Schering Pharma AG, headquartered in Berlin, is to be managed together with Bayer’s current pharmaceutical business as a division of the Bayer HealthCare subgroup. The resolution necessary for a squeeze-out is expected to be passed at an extraordinary stockholders’ meeting of Bayer Schering Pharma AG to be held in Berlin on January 17. Employing the legally defined squeeze-out procedure, it is intended that the shares owned by minority stockholders be transferred to the main stockholder, Bayer Schering GmbH, a wholly owned subsidiary of Bayer AG, in return for adequate cash compensation.

“We are pleased that Schering now belongs to the Bayer Group in name as well, and that this is visible to the world,” said Bayer AG Management Board Chairman Werner Wenning, in a company release. “We are continuing to make good headway with the integration process. The appointment of highly qualified people to important positions, particularly in research and development, is largely complete, and we were able to fill these positions equitably with employees from both companies. Now we are focusing on the next steps, particularly the squeeze-out process and realizing the planned synergies.”

ADVERTISEMENT

blog comments powered by Disqus
LCGC E-mail Newsletters

Subscribe: Click to learn more about the newsletter
| Weekly
| Monthly
|Monthly
| Weekly

Survey
Which of the following business challenge poses the greatest threat to your company?
Building a sustainable pipeline of products
Attracting a skilled workforce
Obtaining/maintaining adequate financing
Regulatory compliance
Building a sustainable pipeline of products
30%
Attracting a skilled workforce
27%
Obtaining/maintaining adequate financing
14%
Regulatory compliance
30%
View Results
Eric Langer Outsourcing Outlook Eric LangerBiopharma Outsourcing Activities Update
Cynthia Challener, PhD Ingredients Insider Cynthia Challener, PhDAppropriate Process Design Critical for Commercial Manufacture of Highly Potent APIs
Jill Wechsler Regulatory Watch Jill Wechsler FDA and Manufacturers Seek a More Secure Drug Supply Chain
Sean Milmo European Regulatory WatcchSean MilmoQuality by Design?Bridging the Gap between Concept and Implementation
Medicare Payment Data Raises Questions About Drug Costs
FDA Wants You!
A New Strategy to Tackle Antibiotic Resistance
Drug-Diagnostic Development Stymied by Payer Concerns
Obama Administration Halts Attack on Medicare Drug Plans
Source: ePT--the Electronic Newsletter of Pharmaceutical Technology,
Click here