Schering-Plough says it will cooperate with FTC over merger

Schering-Plough and Merck have stated they will fully cooperate with the Federal Trade Commission (FTC) with regards to their proposed merger.

The regulatory body has asked the two companies for additional information. This procedure is often known as a ‘second request’.

It had been anticipated by the firms that the FTC would call for further details about the acquisition.

Until the transaction is completed, the companies will continue to operate independently to each other.

The conclusion of the merger depends on a number of factors, including clearance by the European Commission and certain other foreign jurisdictions.

Shareholders, closing conditions and regulatory approvals will also affect when the transaction can close.

The companies expect the deal to end during the fourth quarter of the year.

Earlier this month, Schering-Plough announced the European Medicines Agency had validated the company’s marketing authorisation application for Sycrest (asenapine) sublingual tablets.

The drug has been designed to treat patients suffering from schizophrenia and manic episodes associated with bipolar I disorder.