Bayer and Schering AG merger takes a step forward

Bayer has announced that its forthcoming extraordinary stockholders meeting will be a “significant” step towards to concluding the merger.

The companies aim to resolve the transfer of profit and loss with Bayer’s subsidiary, Dritte BV, as well as electing new members to a supervisory board to reflect Schering AG’s “altered majority”.

Stockholders will also be asked to vote on the name the newly-merged company will take, with Bayer Schering Pharma AG being proposed.

Werner Wenning, Bayer’s chief executive officer, said the meeting would be a significant part of concluding Schering AG’s integration into the Bayer business.

He remarked: “Our goal is to make the future Bayer Schering Pharma a strong company that ranks among the top ten pharmaceuticals specialists in the world.”

Dr Hubertus Erlen, who chairs Schering AG’s executive board, added: “Together with Bayer, we aim to build a leading global pharmaceuticals company that unites the strengths of both organisations.”

“Our competitive strength in specialised markets represents a solid foundation for the future success of Bayer Schering Pharma,” he concluded.

Earlier this week, Bayer said it “stands by” its cash offer of 89 euros per share for Schering AG, despite the fact that Schering decided to recall its Ultravist X-ray contrast agent, as well as announcing disappointing trial results for sargramostim in the treatment of Crohn’s disease.

The drug failed to demonstrate superiority in a phase III trial, although some treatment benefits were observed. Professor Marc Rubin, a member of Schering AG’s executive board, said the development programme for the drug would continue to move forward.

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