Akzo Nobel to create separate pharma company

Published: 7-Feb-2006

Dutch chemical company Akzo Nobel is to create two independent companies: Coatings/Chemicals and Pharmaceuticals.


Dutch chemical company Akzo Nobel is to create two independent companies: Coatings/Chemicals and Pharmaceuticals.

The first step in this process will be a minority IPO of the pharma business, which will include Organon and Intervet and will be called Organon Biosciences. The exact timing will be dependent on market conditions as well as on developments within Organon Biosciences's pipeline, including Phase III data for asenapine, which is expected in the second half of 2006. But full separation of the new company is expected within 2-3 years after the IPO.

'The future of Organon Biosciences is strong,' said Toon Wilderbeek, Akzo Nobel's board of management member responsible for pharmaceuticals and designated ceo of the new company. 'The business is at a turning point and positioned to deliver strong, profitable growth. Our pipeline continues to progress and our strategy for seeking co-development and co-promotion partnerships provides incremental expertise for our business.

'At the same time we will continue to expand our biotechnology activities through our manufacturing expertise and knowledge of recombinant technologies.'

The company says that Intervet, its animal health business, is complementary to its pharma strategy. 'By bridging Intervet's extensive biological and vaccines experience, we believe we can continue building a successful human vaccines presence through our Nobilon business,' added Wilderbeek.

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