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Akzo Nobel (Arnhem, Netherlands) is moving forward with plans to separate its pharmaceutical business into a separate company, Organon Biosciences
Akzo Nobel (Arnhem, Netherlands, www.akzonobel.com) is moving forward with plans to separate its pharmaceutical business into a separate company, Organon Biosciences.
Shareholders of Akzo Nobel will meet Sept. 6, 2006 to approve the division of Akzo Nobel into two separate companies: Akzo Nobel, active in chemicals and coatings, and Organon Biosciences, active in pharmaceuticals. Akzo Nobel first announced plans to separate the company in February 2006.
Akzo Nobel plans to divest a minority stake of 20–30% of Organon Biosciences and seeks to have Organon Biosciences listed on the Euronext stock exchange in early 2007. That move is subject to shareholder approval of the proposed separation and conditioned on market conditions and the development of the company’s pipeline.
If the move proceeds, Akzo Nobel intends to fully separate the pharmaceutical business within two to three years of the initial public offering.
Organon Biosciences would consist of Akzo Nobel’s human pharmaceutical business and its animal health business, Intervet, In 2005, those business had combined sales of 3.5 billion euros ($4.5 billion).