Merck & Co., Inc. has outlined its global plans following the completion of Merck's merger with Schering-Plough Corporation. The new Merck is a global health care leader aimed at providing innovative, distinctive products and services that save and improve lives, while satisfying customer needs and creating long term shareholder value.
Richard T. Clark, chairman, president and chief executive officer of Merck, said: "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.
"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.
"Our integration teams prepared us well for a strong start today, with thorough plans designed to ensure a seamless transition for our customers and employees. The combination of the considerable talents of Schering-Plough and Merck employees across the globe positions Merck to move through this dynamic time for our industry with a clear vision for the future."
From the outset, Merck is a global health care leader with a diversified portfolio of prescription medicines, vaccines and animal and consumer health products. This portfolio is complemented by a robust pipeline with more than 15 promising late-stage candidates spanning critical therapeutic categories. Merck now has approximately 106,000 employees and operates in more than 140 countries around the world, including emerging markets. The company expects to generate more than 50 per cent of its revenue outside the United States.
Mr Clark added: "The people of the new Merck share a passion for the good our medicines and vaccines can do for patients and a commitment to pursuing high-quality results with our customers and partners. Thanks to the talent and dedication of scientists at both companies, the combined company offers an outstanding clinical development pipeline that will greatly increase our ability to deliver important new medicines to patients."
The company's corporate headquarters will be in Whitehouse Station, New Jersey, as previously indicated. In addition, the company's US organisation for the Global Human Health division and Merck Research Laboratories will be headquartered in Upper Gwynedd, Pennsylvania. The former Schering-Plough headquarters in Kenilworth, New Jersey and Merck's operations in Rahway, New Jersey, will continue to be important sites, with large and diverse operations encompassing marketing, manufacturing and research. At this time, all other sites will continue to operate as they did before the merger.
The new Merck's expanded portfolio also includes leading products from its Animal Health and Consumer Health Care business units.
Merck's Animal Health business is a world leader with market-leading products for a broad range of species and strong growth potential. The division has more than 1,000 marketed products and generates approximately $3 billion in revenues.
During the past six months, Merck and Schering-Plough merger integration teams worked hard to successfully maintain the business momentum of the two companies while ensuring operational readiness and business continuity for the merged company.
The integration plans are focused on these priorities: an effective transition for customers and employees; putting the right people in the right jobs; realising projected merger synergies in the form of cost savings and revenue growth opportunities; and maintaining momentum in the company's late stage pipeline.
The company took significant steps prior to the merger's completion to advance its integration planning objectives. In August, Merck announced the new organisational structure and top leadership team for the combined company. Last month, approximately 300 executives from Merck and Schering-Plough were named to key country leadership positions to ensure that all markets around the world would be ready for business on the first day of operations for the new Merck.
The company's previously announced organisational structure takes 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 capitalise on the company's greatest opportunities for growth, particularly in emerging markets, biologics and vaccines. Merck has five primary divisions: Global Human Health, Animal Health, Consumer Health Care, Merck Research Laboratories and Merck Manufacturing.
The new Merck will benefit from the unparalleled industry experience of senior leaders from both Schering-Plough and Merck, with approximately 40 per cent of Schering-Plough's senior leaders joining the combined company.
As announced in August, the Executive Committee, reporting directly to CEO Dick Clark, includes the following individuals, as well as a Chief Medical Officer who will be named at a later date: Stanley F. Barshay, EVP and president, Consumer Health Care; Dr Richard S. Bowles, chief compliance officer; Willie A. Deese, EVP and president, Merck Manufacturing; Kenneth C. Frazier, EVP and president, Global Human Health; Dr Mirian Graddick-Weir, EVP, Human Resources; Peter N. Kellogg, chief financial officer; Dr Peter S. Kim, EVP and president, Merck Research Laboratories; Raul E. Kohan, president, Animal Health; Bruce N. Kuhlik, general counsel; J. Chris Scalet, chief information officer, Global Services; and Dr Mervyn Turner, chief strategy officer.
With the merger complete, Merck will take a global approach to unify and simplify use of its trade name. The company will use the trade name 'Merck' in the United States and Canada and elsewhere use the trade name 'MSD'.
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