FTC requests more info from Merck, Schering-Plough
NEW YORK — Drugmakers Merck and Co. and Schering-Plough Corp., which are in the process of a $41.1 billion tie-up, said Monday the Federal Trade Commission has asked for more information about the deal.
Merck, of Whitehouse Station, N.J., and Schering-Plough, Kenilworth, N.J., said they expected the request, which was made under federal antitrust law. The companies intend to cooperate with the request.
Merck agreed to buy Schering-Plough in March, and the companies still expect the deal to close in the fourth quarter. The transaction also requires approval by Merck and Schering-Plough shareholders.
The combined company would be the world’s second-largest drugmaker by revenue, with products including the asthma drug Singulair, Nasonex for allergies, and the cholesterol drugs Zetia and Vytorin.
Merck also said Monday it plans to issue about $3.5 billion in debt to fund the Schering-Plough acquisition. Some of the proceeds may also be used for Vioxx lawsuit settlement funds.
Merck shares lost 73 cents, or 2.8 percent, to close at $25.18 Monday, and Schering-Plough slid 46 cents, or 1.9 percent, to $23.34.
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