Organon parent company ‘committed to selling’

Akzo Nobel, the Dutch parent company of Organon Biosciences, has reiterated its intention to divest Organon and turn it into a separate, publicly-owned company.

It has called an extraordinary general meeting (EGM) in September to approve a divestment of 20 to 30 per cent of Organon Biosciences, with a full separation being achieved within two years.

This could mean that Organon becomes listed as a publicly-held company in early 2007. Akzo Nobel said the full separation of the company would depend on market conditions and the progress of Organon’s product pipeline.

Hans Wijers, chairman of Akzo Nobel, stated: “We have now reached the point where we can seek shareholder approval for the separation.”

“Our separation process is on track, we have received a positive advice from our works council, and we look forward to the agreement of our shareholders, which will allow us to move forward to the next phase with the aim of completing the first stage of the separation by early 2007,” he added.

In June, Toon Wilderbeek, president of Organon BioSciences, dismissed claims that Organon would need to make itself open to acquisition bids in order to survive in an increasingly competitive pharmaceutical climate.

He told Reuters Health: “We are big enough to do our own research.”

Organon produces a wide range of contraceptive products, as well as neuroscience and anaesthetic drugs.

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