KENILWORTH, N.J., Feb. 18 /PRNewswire-FirstCall/ -- Schering-Plough Corporation announced today that the company has completed its acquisition of most of NeoGenesis Pharmaceuticals' assets, effective February 14, 2005. Financial terms of the transaction have not been disclosed.
"This acquisition will further strengthen the discovery capabilities of Schering-Plough and is another important step in our commitment to build a best-in-class research organization," said Fred Hassan, chairman and chief executive officer, Schering-Plough Corporation. "We are also pleased that most of the scientists from NeoGenesis have accepted our offer to join Schering- Plough."
Schering-Plough also announced that former NeoGenesis executive Satish Jindal, Ph.D., has been appointed vice president, Schering-Plough Research Institute, and site head, Cambridge, Mass., reporting to Catherine D. Strader, Ph.D., executive vice president for discovery research, Schering-Plough Research Institute. The group will continue to be based in Cambridge, Mass.
As previously announced, Schering-Plough and NeoGenesis have had a research collaboration since 1999. On Jan. 20, 2005, the two companies announced that they had entered into an agreement for Schering-Plough to acquire most of NeoGenesis' assets, subject to normal closing conditions. NeoGenesis Pharmaceuticals, Inc. is a privately held biopharmaceutical company focused on applying novel screening and chemistry technologies to discover and develop small molecule drugs.
DISCLOSURE NOTICE: The information in this press release includes certain "forward-looking statements" within the meaning of the Securities Litigation Reform Act of 1995, including the discovery capabilities of Schering-Plough and the timing of the anticipated turnaround. Schering-Plough does not assume any obligation to update any forward-looking statement. Actual results may vary materially from forward-looking statements due to many factors, including competition, market conditions and regulations. For further details about these factors and other risks and uncertainties that may impact Schering- Plough's forward-looking statements, see Schering-Plough's Securities and Exchange Commission filings, including the company's third quarter 2004 10-Q.
Schering-Plough is a global science-based health care company with leading prescription, consumer and animal health products. Through internal research and collaborations with partners, Schering-Plough discovers, develops, manufactures and markets advanced drug therapies to meet important medical needs. Schering-Plough's vision is to earn the trust of the physicians, patients and customers served by its more than 30,000 people around the world. The company is based in Kenilworth, N.J., and its Web site is http://www.schering-plough.com/.
CONTACT: Media: Rosemarie Yancosek, +1-908-298-7476, or Investors: AlexKelly, +1-908-298-7450, or Janet M. Barth, +1-908-298-7417, all of Schering-Plough Corporation