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Home  /  Forum  /  Crucell  /  Merck neemt Schering-Plough over

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Merck neemt Schering-Plough over

18 Posts
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  4. forum rang 4 aossa 9 maart 2009 13:29
    Merck and Schering-Plough to Merge
    Combined Company Positioned for Sustainable Growth Through Scientific Innovation and a Stronger, More Diversified Product Portfolio
    Powerful Joint R&D Pipeline with Strong Candidates in All Development Phases Doubles the Number of Late-Stage Compounds to 18
    Broader Product Portfolio in Critical Therapeutic Areas
    Expanded Global Presence Including High-Growth Emerging Markets
    Expected to be Significantly Accretive, Increase Efficiencies and Result in Cost Savings of Approximately $3.5 Billion Annually
    Merck Committed to Maintain Current Dividend
    WHITEHOUSE STATION, N.J. & KENILWORTH, N.J.--(BUSINESS WIRE)--Merck & Co., Inc. (NYSE: MRK) and Schering-Plough Corporation (NYSE: SGP) today announced that their Boards of Directors have unanimously approved a definitive merger agreement under which Merck and Schering-Plough will combine, under the name Merck, in a stock and cash transaction. Under the terms of the agreement, Schering-Plough shareholders will receive 0.5767 shares and $10.50 in cash for each share of Schering-Plough. Each Merck share will automatically become a share of the combined company. Merck Chairman, President and Chief Executive Officer Richard T. Clark will lead the combined company.
    Based on the closing price of Merck stock on March 6, 2009, the consideration to be received by Schering-Plough shareholders is valued at $23.61 per share, or $41.1 billion in the aggregate. This price represents a premium to Schering-Plough shareholders of approximately 34 percent based on the closing price of Schering-Plough stock on March 6, 2009. The consideration also represents a premium of approximately 44 percent based on the average closing price of the two stocks over the last 30 trading days.
    Upon closing of the transaction, Merck shareholders are expected to own approximately 68 percent of the combined company, and Schering-Plough shareholders are expected to own approximately 32 percent. Merck anticipates that the transaction will be modestly accretive to non-GAAP EPS1 in the first full year following completion and significantly accretive thereafter.
    “We are creating a strong, global healthcare leader built for sustainable growth and success,” said Mr. Clark. “The combined company will benefit from a formidable research and development pipeline, a significantly broader portfolio of medicines and an expanded presence in key international markets, particularly in high-growth emerging markets. The efficiencies we gain will allow us to invest in strategic opportunities, while creating meaningful value for shareholders.
    “We look forward to joining forces with an outstanding partner we know well and that shares our commitment to patients, employees and the communities where we work and live. Through their talent and dedication, Schering-Plough employees have built an industry leading R&D engine and late-stage pipeline that is complementary to our own. We are confident that, together, Merck and Schering-Plough will make a meaningful difference in the future of global healthcare,” Mr. Clark added.
    Fred Hassan, chairman and chief executive officer of Schering-Plough, said, “Over the last six years, Schering-Plough colleagues have transformed our company into a strong competitor in the global pharmaceutical industry. We have built a strong, diverse business and a robust pipeline that offers hope to patients who are waiting for new medicines. I am proud of what we have accomplished. Our success is a testament to the hard work and dedication of our colleagues in every country. We are joining forces with Merck, our long-term partner in our cholesterol joint venture, to create a dynamic new leader in the pharmaceutical industry. By harnessing the strengths of both companies, the combined entity will be well-positioned to further deliver on our shared goal of discovering new therapies for patients to help them live healthier, happier lives.”
    “The talent and dedication of Schering-Plough scientists has helped to build an outstanding clinical development pipeline,” said Peter S. Kim, Ph.D., Merck executive vice president, and president of Merck Research Laboratories. “Schering-Plough's considerable biologics expertise will complement Merck's novel proprietary biologics platform and aligns with our commitment to build a powerful biologics presence. The Schering-Plough and Merck pipelines are remarkably complementary and will greatly increase our ability to deliver important new medicines to patients. I believe the combined pipeline will be the best in the industry, by far.”

    www.businesswire.com/portal/site/goog...
  6. maxen 9 maart 2009 13:36
    quote:

    aossa schreef:

    Merck and Schering-Plough to Merge
    ..
    ...approved a definitive merger agreement under which Merck and Schering-Plough will COMBINE under the name Merck, in a stock and cash transaction. Under the terms of the agreement, Schering-Plough shareholders will receive 0.5767 shares and $10.50 in cash for each share of Schering-Plough. Each Merck share will automatically become a share of the COMBINED company. Merck Chairman, President and Chief Executive Officer Richard T. Clark will lead the COMBINED company.
    ...
    Emphasis mine. Deze fusie is dus, net als destijds een mogelijke Crucell-Wyeth fusie, geen overname, maar een combinatie ;-)
  7. forum rang 4 aossa 9 maart 2009 14:25
    Waren ook al langer partner lees ik.

    /uit de tijd:
    Merck neemt Schering-Plough over
    Merck-topman Richard Clark komt aan het hoofd van de fusiegroep (foto bloomberg)

    Merck koopt sectorgenoot Schering-Plough voor 41,1 miljard dollar. Het fusiebedrijf zal gewoon Merck heten. Vanaf 2011 zal er 3,5 miljard dollar bespaard worden.

    (tijd) - De overname gebeurt voor 44 procent in cash en 56 procent in aandelen. Het overnamebedrag van 41,1 miljard dollar is gebaseerd op de aandelenkoers van Merck op 6 maart. Aandeelhouders van Schering Plough krijgen per aandeel 0,5767 Merck-aandelen en 10,50 dollar in cash. Het cashbedrag bedraagt 18,3 miljard dollar, waarvan 9,8 miljard van de eigen bankrekening komt en 8,5 miljard dollar van nieuwe schulden bij JPMorgan.

    Het overnamebedrag impliceert een premie van 34 procent op de slotkoers van Schering-Plough op 6 maart en van 44 procent op de gemiddelde slotkoers van de voorbije 30 handelsdagen.

    In 2008 haalden de twee bedrijven samen een omzet van 47 miljard dollar. Merck berekende dat de overname in het eerste jaar na de afronding van de transactie, een 'bescheiden' bijdrage zal leveren tot de winst. Daarna zal die bijdrage 'significant' worden. Merck rekent op 3,5 miljard dollar besparingen vanaf 2011. Die komen bovenop de lopende kostenbesparingsprogramma's van beide bedrijven.

    Merck gaat zijn dividend handhaven en gaat tevens zijn inkoopprogramma voor eigen aandelen doorzetten.

    Merck en Schering-Plough zijn al jaren lang partner in een joint venture, die onderzoek verricht naar medicijnen tegen cholesterol. De pijplijnen van Merck en Schering-Plough zijn volgens een persbericht complementair. Met de overname zou Merck zijn aantal medicijnen in de laatste onderzoeksfase (fase 3) verdubbelen tot 18. De pijplijn beslaat een brede waaier van ziektes: hart- en vaatziektes, ademhalingsstoornissen, kanker, ontstekingsziektes, neuroziekte, immuunziektes, ...

    Richard T. Clark, topman van Merck, zal het fusiebedrijf, leiden.
  8. forum rang 10 voda 9 maart 2009 16:11
    Eigenaar Organon in andere handen
    9 maart 2009, 16:03 | ANP
    KENILWORTH (AFN) - Het farmacieconcern Schering-Plough, dat nu wordt overgenomen door het iets grotere Merck, kwam zelf in 1971 door een fusie tot stand. Het bedrijf produceert verscheidene bekende medicijnen en hulpmiddelen, zoals het allergiemiddel Claritin en cholesterolverlager Vytorin.

    In Nederland is het eigenaar van Organon. Schering-Plough, ook de eigenaar van de voetproducten van Dr Scholl, heeft momenteel ruim 50.000 mensen in dienst en genereerde in 2008 een nettowinst van 1,47 miljard dollar. De omzet kwam uit op 12,7 miljard dollar. Fred Hassan staat aan het hoofd van het bedrijf.

    Schering ontstond in 1851 in Duitsland. De bezittingen van het bedrijf in de Verenigde Staten werden tijdens de Tweede Wereldoorlog genationaliseerd en pas in 1952 vrijgegeven. Tussen 1952 en 1971 groeide het bedrijf gestaag uit tot een wereldwijde speler.

    Oprichting Plough

    Plough werd in 1908 opgericht door de toen 16-jarige Abe Plough die zijn 'desinfecterende, genezende olie' vanaf een huifkar verkocht. Plough breidde zijn zaak uit tot een breed concern, onder meer door de aankoop van Maybelline make-up en huidverzorgingslijn Coppertone. Ook bezat Plough radiozenders in verscheidene delen van de VS.

    Het gefuseerde bedrijf kocht in 2007 de Nederlandse geneesmiddelendivisie Organon BioSciences van AkzoNobel voor 11 miljard euro. Organon is onder meer bekend als producent van anticonceptieproducten.

  10. flosz 9 maart 2009 23:02
    Merck, Schering Previously Agreed On Higher Price

    March 09, 2009: 11:19 AM ET
    Schering-Plough Corp. (SGP) Chief Executive Fred Hassan said Monday that he and his counterpart at Merck & Co. (MRK) had previously agreed on a different price for Merck's takeover of Schering, but the recent stock-market slide lowered the price.
    Merck CEO Richard Clark "and I had agreed on another number, $26.25," based on the 30-day average of Schering-Plough's stock price at that time, Hassan told analysts on a conference call.
    Based on Friday's closing prices, the cash-and-stock deal announced Monday now values Schering-Plough shares at $23.61 apiece, or about $41 billion.
    money.cnn.com/news/newsfeeds/articles
    /djf500/200903091119DOWJONESDJONLINE000340_FORTUNE5.htm
  11. flosz 10 maart 2009 07:50
    Merck probably needs to exit animal health JV

    Posted on March 9, 2009 at 4:52 PM
    Filed under: ACQUISITIONS | CORPORATE STRATEGY | DIVESTING AND RESTRUCTURING
    Tagged: MERCK & CO. , MERIAL , SCHERING-PLOUGH CORP.
    One of our Monday morning posts on the acquisition of Schering-Plough Corp. (NYSE:SGP) by Merck & Co. (NYSE:MRK) focused on the way the deal will bring Merck into consumer products and boost its presence in animal health, especially the high-growth business of high-tech searches for lost pets.

    There's since been a bit more news on the animal health front. Merck currently participates in animal health via its Merial joint venture with Sanofi Aventis, created in 1997 when Merck spun its animal health business into the venture. Now Bloomberg reports that Merck may be selling its half of Merial. A Merck spokesperson, however, told Bloomberg it's too early to speculate about conclusions that may be reached through the integration work.

    It's not too early to lay out the options for the JV, though. The status quo's probably no good, since it pits Merial against Schering's animal health biz. Buying out Sanofi Aventis is probably not a good idea, since even if Sanofi wants to sell, it's another big transaction (and a complicated integration) at a time when there's already plenty to do.

    Selling Schering's animal health business might be an option, but Schering does seem awfully pleased with that new pet-finding business. What's more, that business is led by Brent Saunders, president of Schering's consumer healthcare business and the man leading the integration on the Schering side.

    All this would seem to argue for Merck to sell its half of Merial, and in the process bring in some cash to help fund the Schering deal.
    www.thedeal.com/corporatedealmaker/20...
    *********************
    Crucell en Merial, 2004/2005.

    Leiden, The Netherlands, December 22, 2005 - Dutch biotechnology company Crucell N.V. (Euronext, NASDAQ: CRXL) announced today that it has signed a second PER.C6® research license agreement with Merial, a leading animal health company.

    The non-exclusive agreement allows Merial to use the PER.C6® cell line for the development of gene therapy in a specific field of companion animal medicine and includes an option for a commercial license agreement. The new agreement follows the October 2004 licensing deal which allows Merial to utilize PER.C6® for the development and commercialization of veterinary vaccines for foot-and-mouth disease.

    Crucell and Merial Announce Commercial License Agreement for PER.C6® Technology for Foot-and-Mouth Disease Vaccines
    Collaboration with USDA Agricultural Research Center Aims to Produce Vaccines for Rapid Control of FMD Outbreaks.
    Leiden, The Netherlands / Duluth, GA, USA - October 18, 2004 - Dutch biotechnology company Crucell N.V. (Euronext, NASDAQ: CRXL) and Merial, a world-leading animal health company, today announced that they have entered into a license agreement for the utilization of Crucell's PER.C6® technology for the development and commercialization of veterinary vaccines for foot-and-mouth disease (FMD). FMD is a highly communicable disease of production animals and is identified by the U.S. government as a potential bio-terrorism risk.
    Under the terms of the agreement, Crucell will receive an upfront payment, milestone payments, annual maintenance fees, and royalties on sales of vaccines. Further financial details were not disclosed.

    In on-going and close collaboration with the U.S. Department of Agriculture, Agricultural Research Service (ARS) Plum Island Animal Disease Center, Merial will further develop FMD vaccines discovered by ARS. These vaccines would be held in reserve for rapid distribution in the event of an accidental or terrorist-caused FMD outbreak.
    Samenwerking met het Agricultural Research Center van het Amerikaans ministerie van landbouw (USDA) moet leiden tot vaccins waarmee MKZ uitbraken snel kunnen worden ingedamd.

    Leiden / Duluth, Georgia, USA - 18 oktober 2004 - Het Nederlandse biotechnologiebedrijf Crucell N.V. (Euronext, NASDAQ: CRXL) en Merial, een wereldleider op het gebied van veterinaire vaccins, hebben vandaag bekendgemaakt dat zij een licentieovereenkomst hebben gesloten voor het gebruik van PER.C6® technologie bij het ontwikkelen en commercialiseren van vaccins tegen mond- en klauwzeer (MKZ). MKZ is een uiterst besmettelijke veterinaire ziekte die door de regering van de Verenigde Staten wordt beschouwd als een mogelijk bioterrorisme risico.

    Op grond van deze overeenkomst ontvangt Crucell een aanvangs-, jaarlijkse en 'milestone' betalingen alsmede royalty's over de verkoop van vaccins. Verdere financiële gegevens werden niet bekendgemaakt.
    Als onderdeel van haar voortdurende nauwe samenwerking met het U.S. Department of Agriculture, Agricultural Research Service (ARS) Plum Island Animal Disease Center, zal Merial MKZ-vaccins ontdekt door de ARS verder ontwikkelen met behulp van PER.C6®. Deze vaccins zullen worden opgeslagen om snelle verspreiding mogelijk te maken in geval van een spontane of door terroristen veroorzaakte MKZ-uitbraak.
    Dr. Robert Nordgren, Head of Biologics Research and Development bij Merial, zei hierover: "Het doet ons veel genoegen te kunnen samenwerken met Crucell en het U.S. Department of Agriculture bij het ontwikkelen van vaccins die niet alleen de diergezondheid verbeteren, maar ook de veiligheid van de VS tegen bioterrorism verhogen, en ervoor zorgen dat wij sneller kunnen reageren op bedreigingen tegen onze landbouwindustrie. Het is nu van het grootste belang dat wij snel dit laatste deel van de ontwikkeling van MKZ vaccins afronden met PER.C6® - MKZ-uitbraken kunnen nu eenmaal onverwacht optreden."
    Dr. Luis L. Rodriquez, van ARS Plum Island, is Research Leader voor dit project. Hij zei hierover: "Op dit moment beschikken we nog maar over een beperkt aantal effectieve interventiemethoden voor het bedwingen van MKZ-uitbraken. Wij zoeken al lang naar een effectief alternatief voor het grootschalige ruimen van dieren in getroffen gebieden, wat tot nu toe de enige aanpak was. Het combineren van vaccins en antivirale geneesmiddelen lijkt een veelbelovende methode om MKZ-uitbraken in de Verenigde Staten snel te beteugelen en de gevolgen te minimaliseren."
    "Het feit dat Merial PER.C6® heeft verkozen als het productieplatform voor vaccins in de bestrijding van MKZ bevestigt eens te meer de waarde van onze PER.C6® technologie voor de productie van vaccins voor mens en dier," aldus Jaap Goudsmit, Chief Scientific Officer van Crucell.
    MKZ treft een groot aantal diersoorten zoals varkens, schapen en rundvee. Volgens deskundigen zou één enkele MKZ-uitbraak in de Verenigde Staten betekenen dat er miljoenen koeien moeten worden geruimd en dat de Amerikaanse vleesexport jarenlang stil zou komen te liggen. Dit zou niet alleen een negatief effect hebben op de vleesindustrie, maar ook op tal van aanverwante sectoren. De Amerikaanse landbouw¬sector als geheel, waarin jaarlijks USD 1.500 miljard wordt omgezet, zou er ernstig onder te lijden hebben. De MKZ-epidemie in 2001 kostte het Verenigd Koninkrijk USD 15 miljard aan kosten van ruiming, schadeloosstelling, gemiste export en teruggelopen toeristenaantallen.
  12. [verwijderd] 10 maart 2009 13:54
    Merck and the SEC: No Joke
    March 10, 2009

    Derek Lowe

    And I thought that I was kidding, at least a bit, in my post where I warned some of the folks buying into Schering-Plough (SGP) that they might be hearing from the SEC. Well, maybe not - whenever a deal like this goes through, the first place they look is in the options market:

    Some lucky option players appeared to have reaped a windfall with Schering-Plough call options rocketing after Merck (MRK) on Monday announced a proposed $41.1 billion takeover of the drugmaker.

    . . .a burst of activity in the stock's call options last Tuesday and again on Friday may be too much of a coincidence to overlook and prompted some option traders to ask if inside word of the pending deal reached some investors.

    "Our examination of the data suggests a high degree of likelihood that someone did indeed place what I will be politically correct and call nicely timed trades," said Jon Najarian, a founder of Web information site optionmonster.com, in an email to Reuters.

    Good luck explaining these, is all I can say. Telling them how lucky you felt that day won't make the folks from the enforcement division go away. As a lawyer in this business once said to me at a meeting, "I have to make sure that no one in this company trades our stock on material information. And material information is defined as something that makes you think about trading the stock."

    seekingalpha.com/article/125013-merck...
  13. [verwijderd] 12 maart 2009 13:41
    Will Johnson & Johnson Disrupt SchMerck?
    March 12, 2009

    EP Vantage

    Aside from the generation of wildly differing opinions as to whether mega-mergers are a good idea and the spurring of frenzied speculation about who’s next on the block, one of the most intriguing aspects of Merck & Co’s reverse merger into Schering-Plough is the fact that a third party, Johnson & Johnson, could yet have a major part to play in determining whether this combination is successful, and if successful, at what price.With J&J holding the bulk of commercial rights to two of Schering’s most valuable products, arthritis antibody-based drugs Remicade and golimumab, two important questions are now being asked: will J&J decide to trump Merck’s offer and bid for Schering outright, or will J&J seek to claw back rights to these key products by suggesting that the Merck-Schering merger represents a change of control at Schering, despite elaborate claims to the contrary from the two nearly wedded partners? Whilst the answer to the first question is “probably not”, there is a real possibility the second scenario could yet play out.

    Centocor deal

    One of the key reasons that J&J is likely to be seriously considering taking back the entire rights to Remicade and golimumab is the fact that the Schering deal for these products was struck with Centocor in 1998, prior to J&J’s acquisition of Centocor in 1999.

    At the time Centocor would not have had the capacity to commercialise either product outside the US, hence the deal was signed, giving Schering development and commercialisation rights outside the US and Japan.

    In fact, the deal was a steal for Schering, even considering it was struck over ten years ago. For rights to Remicade, which was in phase III trials in 1998, and an option to license other anti-TNF antibodies such as golimumab, Schering paid Centocor just $20m upfront, a further $30m in milestones, plus royalties estimated at 29% of sales. Upon exercising its option to golimumab in 2005, Schering paid an additional $124m, still a snip when compared to current valuations for the product.

    The main point here is that the Schering deal for these two products was a Centocor deal, not a J&J deal. Given J&J’s global reach it is unlikely that an international partner would have been sought for such big products, had J&J held the rights to these products from the outset.

    Massive value to J&J and Schering

    Remicade and golimumab are easily J&J’s most valuable products, according to EvaluatePharma’s NPV Analyzer.

    With annual sales of around $3bn in the US, plus the royalties from Schering, Remicade is valued at a whopping $17.5bn. Golimumab, which has been filed with the FDA and in Europe, has forecast US sales of $1.72bn in 2014 and is valued at $10.3bn.

    Meanwhile, both products are massive for Schering. Remicade is the group’s most valuable product at $4.58bn, and golimumab is the third most valuable pipeline product at $1.19bn.

    Change of control dispute

    With so much riding on the future rights to these products the rationale for Merck and Schering constructing such an elaborate reverse merger deal, claiming that Schering is the surviving entity and therefore that no change of control has happened, is clear.

    Most change of control clauses refer to the company’s shareholders holding less than 50% of any new entity, and/or the company’s representatives on the new board of directors being less than half.

    If the SchMerck deal goes ahead, the new company will still be called Merck, Merck’s shareholders will control 68% of the group’s shares and the board will be made up of all 14 members of Merck’s board and just 3 directors from Schering.

    To all intents and purposes, Merck will have acquired Schering and Schering no longer holds much sway in the new company.

    However, Merck and Schering are claiming that both issues of shareholder ownership and board structure were not included in the original deal with Centocor, which was more focused on the fact that Schering continues as a surviving entity.

    As such, Merck and Schering believe they can get away without triggering a change of control. Whether J&J will accept this argument depends on the fine print of the Centocor deal, whilst it is hard to see how claims that no change of control has occurred would stand up for very long in a court of law.

    Will J&J swoop on Schering?

    As to the first question of whether Johnson & Johnson (JNJ) will decide to make a higher bid for Schering-Plough (SGP), as suggested by some analysts, this is far less certain.

    Having created a largely successful, diversified business model, the envy of many of its big pharma peers, an acquisition of Schering would mark a major change of strategic direction for J&J.

    Although Merck’s (MRK) bid for Schering is the first mega-merger it has attempted, Merck’s patent cliff is much more significant than J&J’s and the clash with J&J’s existing structure would seem too great to overcome.

    According to merger documents filed with the SEC, J&J has 20 days in which to respond to the SchMerck deal and claim the reverse merger does represent a change of control and therefore should permit J&J the option to take back the rights to Remicade and golimumab.

    As such, the ball is firmly in J&J’s court and its decision within the next few weeks could make or break SchMerck.

    seekingalpha.com/article/125510-will-...

  14. pardon 12 maart 2009 14:21
    plizer en wyeth en bij merck en schering en plough verdwijnen wel 10% van de banen bij alle niet amerikaanse vestigingen.Schering heeft 51000 mensen in dienst waarvan iets van 35000 in het buitenland,kun je natellen wat er een mensen ontslagen worden.Hopenlijk voor crucell word het overgenomen door sanfonie.
  18. flosz 13 maart 2009 13:16
    quote:

    flosz schreef:

    Crucell en Merial, 2004/2005.
    Leiden, The Netherlands, December 22, 2005 - Dutch biotechnology company Crucell N.V. (Euronext, NASDAQ: CRXL) announced today that it has signed a second PER.C6® research license agreement with Merial, a leading animal health company.
    The non-exclusive agreement allows Merial to use the PER.C6® cell line for the development of gene therapy in a specific field of companion animal medicine and includes an option for a commercial license agreement. The new agreement follows the October 2004 licensing deal which allows Merial to utilize PER.C6® for the development and commercialization of veterinary vaccines for foot-and-mouth disease.

    Crucell and Merial Announce Commercial License Agreement for PER.C6® Technology for Foot-and-Mouth Disease Vaccines
    Collaboration with USDA Agricultural Research Center Aims to Produce Vaccines for Rapid Control of FMD Outbreaks.
    Leiden, The Netherlands / Duluth, GA, USA - October 18, 2004 - Dutch biotechnology company Crucell N.V. (Euronext, NASDAQ: CRXL) and Merial, a world-leading animal health company, today announced that they have entered into a license agreement for the utilization of Crucell's PER.C6® technology for the development and commercialization of veterinary vaccines for foot-and-mouth disease (FMD).

    Leiden / Duluth, Georgia, USA - 18 oktober 2004 - Het Nederlandse biotechnologiebedrijf Crucell N.V. (Euronext, NASDAQ: CRXL) en Merial, een wereldleider op het gebied van veterinaire vaccins, hebben vandaag bekendgemaakt dat zij een licentieovereenkomst hebben gesloten voor het gebruik van PER.C6® technologie bij het ontwikkelen en commercialiseren van vaccins tegen mond- en klauwzeer (MKZ).
    Sanofi’s Chief Mulls Animal-Health, Diagnostics Buys
    March 13 (Bloomberg) -- Sanofi-Aventis SA may buy Merck & Co.’s stake in the world’s third-biggest animal-health company and expand into the diagnostics market to revive growth at the French drugmaker, Chief Executive Officer Chris Viehbacher said.
    Merck will sell its half of Merial, an animal-health venture with Sanofi, after agreeing to buy Schering-Plough Corp. for $41.1 billion, according to people familiar with the situation. Merck’s stake in the maker of the Frontline flea and tick repellent may be worth as much as 2 billion euros ($2.6 billion).
    “Merial is an extremely interesting company and if we have an opportunity to increase our presence in animal health we will welcome that,” Viehbacher said in an interview in Paris.
    Viehbacher, who joined Sanofi at the start of December from GlaxoSmithKline Plc, says he is redefining the company’s strategy, moving away from the search for blockbuster drugs and shunning for now the wave of mergers that’s reshaping the industry. Instead, he favors smaller acquisitions and partnerships with researchers that will give Sanofi access to innovative science.
    “There is actually an awful lot that’s out there and you have to kiss a lot of frogs before you find a prince,” he said in the interview. Viehbacher, who spends a fifth of his time reviewing potential deals, said the large pharmaceutical mergers of the past didn’t “really create value.”
    Even so, he considered bidding for Wyeth before Pfizer Inc. offered $68 billion for the Madison, New Jersey-based company on Jan. 26, said two people familiar with Sanofi who didn’t want to be identified because the plan was confidential.
    Two Camps
    The 48-year-old CEO didn’t pursue Wyeth because he was still new to the job, the people said. Pfizer’s proposal also included $44 billion in cash, which Sanofi couldn’t top, they said. Viehbacher declined to comment on the subject.
    Sanofi rose 77 euro cents, or 1.9 percent, to 40.18 euros at 9:47 a.m. in Paris trading. The stock has lost 11 percent this year.
    Like Pfizer, Merck and Switzerland’s Novartis AG, Sanofi will face a sales slump once its best-selling medicines go off patent. Products that account for a fifth of the company’s revenue will face generic competition in the next five years.
    Merck, which faces patent losses on medicines with $8 billion in annual sales, announced an agreement this week to buy Schering-Plough, which has a dozen experimental drugs nearing marketing approval.
    ‘Last at the Dance’
    Speaking in a conference room at Sanofi’s Paris headquarters near the Seine, Viehbacher said the French company is among the drugmakers in “the diversification camp” as opposed to “the consolidation camp.”
    “Sanofi, Glaxo, Novartis, I think we’ve all pretty much said, we want to get off the patent treadmill and develop a business that has longer-term sustainable growth prospects,” he said.
    Viehbacher said he is looking at entering the diagnostics field, for example, collaborating with companies developing so- called biomarkers. A biomarker is a substance secreted by cells and found in blood or urine that doctors use as an early indicator of a cancer or infection.
    He warned against the fear of being “the last one at the dance without a partner,” he said. “You’ve got to be careful about that kind of mentality. You want to have enough time to be disciplined in how you do things.”
    At the same time, he did not rule out “something on a big scale. I’ve got cash, I’ve got some time,” he said. “It takes some time to get some things done.”
    Viehbacher’s Labrador
    Asked whether Sanofi would consider buying New York-based Bristol-Myers Squibb Co., which shares the best-selling blood thinner Plavix with the French drugmaker, Viehbacher responded “at the moment, where do you see” the value?
    Viehbacher has said he would prefer acquisitions of up to 15 billion euros, which he calls “small and medium-sized,” that can bring value to Sanofi or expand on existing platforms. The company has 4 billion euros in annual cash flow that can be used for purchases, he said.
    Merck’s 50 percent stake in Merial is worth from 1.5 billion euros to 2 billion euros, according to Philippe Lanone, an analyst at Natixis Securities in Paris. Viehbacher’s own Labrador, named Poppy, uses Frontline, he told analysts last month, praising Merial as “an extremely important business” for Sanofi.
    Merial had sales of more than $2.6 billion last year and employs about 5,000 people, with products including the Ivomec parasite treatment, according to the company’s Web site. Merck formed Merial by merging its animal-health unit in 1997 with a division of Rhone-Poulenc, a predecessor of Sanofi-Aventis.
    www.bloomberg.com/apps/news?pid=20601...
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