Products You May Like
Merck & Company, Inc., d.b.a. Merck Sharp & Dohme outside the United States and Canada, is an American pharmaceutical company and one of the largest pharmaceutical companies in the world.
Igor Golovniov | LightRocket | Getty Images
Merck & Co Inc said on Wednesday it was planning to spin off its women’s health, biosimilar drugs and legacy products into a new publicly traded company, a move that will allow the drugmaker to focus on key growth drivers like cancer drug Keytruda and vaccines.
The company, which expects the transaction to be completed by the first half of 2021, forecast operating efficiencies of over $1.5 billion by 2024 related to the spinoff.
The new company will have a portfolio of brands consisting of dermatology, pain, respiratory, select cardiovascular products including Zetia and Vytorin, as well as the rest of Merck’s diversified brands, Merck said.
Merck will also retain its portfolio of hospital products and animal health business, the company said.
The company also reported a fourth-quarter adjusted profit of $1.16 per share, beating analysts’ estimates of $1.15, according to IBES data from Refinitiv
This is breaking news. Please check back for updates.