Schering-Plough to Merge with Merck
Global research-driven pharmaceutical company Merck & Co (NYSE:MRK) and science-centered global health care company Schering-Plough Corporation (NYSE:SGP) have said that their Boards of Directors have unanimously approved a definitive merger agreement under which Merck and Schering-Plough will combine, under the name Merck, in a stock and cash transaction.
Under the terms of the agreement, Schering-Plough shareholders will receive 0.5767 shares and $10.50 in cash for each share of Schering-Plough. Each Merck share will automatically become a share of the combined company. Merck Chairman, President and Chief Executive Officer Richard T. Clark will lead the combined company.
MannKind, Pfizer Agree on Frankfurt Insulin Manufacturing Plant
MannKind Corporation (NASDAQ:MNKD) has entered into agreements with Pfizer (NYSE:PFE) to purchase Pfizer's insulin facility at Industriepark Hoechst, Frankfurt am Main, Germany and assets related to the production of bulk insulin, including the relevant real property rights, the production equipment, a quantity of bulk insulin and a license to manufacture bulk insulin for use in pulmonary delivery.
The aggregate purchase price is $33 million, subject to certain adjustments. At MannKind's option, up to $30 million worth of the company's common stock may be issued to Pfizer at closing and applied toward the full purchase price.
Henry Schein Acquires Ortho Organizers
Henry Schein (NASDAQ:HSIC), a Fortune 500 company that provides healthcare products and services to office-based practitioners, has acquired Ortho Organizers, a privately owned company with headquarters in Carlsbad, California.
Ortho Organizers, a full-line manufacturer and distributor of orthodontics products, has approximately 200 employees, including 20 sales representatives. The company’s Sales in 2008 were approximately $30 million, and its products are sold both domestically and internationally.
This acquisition is expected to be accretive to Henry Schein’s 2009 financial results. Terms of the transaction were not disclosed.
Hale Capital, Autodesk Complete Location Services Business Spin-Out
New York City-based private equity firm Hale Capital Partners, and Autodesk (NASDAQ:ADSK) have completed the transfer of Autodesk's Location Services business unit to LocationLogic, a new entity owned and operated by Hale Capital Partners, with Autodesk and other minority investors.
The terms of the transaction were not disclosed by the parties.
Shotgun Acquires Organa Gardens
Shotgun Energy Corporation (OTC:SGNE )has signed an agreement to acquire all of the assets of Organa Gardens Inc., a Nevada Corporation in the business of hydroponics vertical farming.
Under the terms of the acquisition, Shotgun will issue up to 25,000,000 restricted 144 shares over a five year period or sooner based on certain gross revenue benchmarks being met from all revenue streams derived from the technology acquired from Organa Gardens Inc. and a cash commitment of up to $500,000 from Shotgun to complete the final steps of taking the OGS-D and OGS-E to market.
