Merck/Schering-Plough Merger Finalized
WHITEHOUSE STATION – Pharmaceutical giant Merck completed its acquisition of drugmaker Schering-Plough on Tuesday and corporate leadership is evaluating which employees and facilities will be retained by the company.
Merck & Co. CEO Richard T. Clark said that both Merck’s research operations in Rahway and the Schering-Plough headquarters in Kenilworth will “continue to be important sites” for the combined company.
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The $47 billion deal will expand Merck’s pipeline of experimental drugs and increase its business outside of the United States. The company has said it will cut 15 percent, or about 15,000 jobs, after the acquisition. Merck anticipates annual cost savings of at least $3.5 billion after 2011 to come from all areas across the combined company.
Merck stock rose following the completion of the acqusition.
