Newspaper article St Louis Post-Dispatch (MO)

Schering-Plough Bought Animal Unit Mallinckrodt Concentrates on Specialties

Newspaper article St Louis Post-Dispatch (MO)

Schering-Plough Bought Animal Unit Mallinckrodt Concentrates on Specialties

Article excerpt

Mallinckrodt Inc. Monday identified Schering-Plough Corp. of Madison, N.J., as the buyer of its animal health-care products division.

Schering-Plough, a giant health-care company, will pay $405 million in a transaction that is scheduled to close in July.

The company disclosed last week that it had agreed to sell the division, but declined to reveal the buyer or the price. By selling this unit and its stake in another company, Clayton-based Mallinckrodt has kept its promise made in August to focus on medical products and specialty chemicals. In February, Mallinckrodt sold its 50-percent share of Tastemaker - a manufacturer of flavors and fragrances - for $550 million to Roche Holding, a Swiss pharmaceutical conglomerate. The Tastemaker and animal-health deals represent "a major step in aggressively pursuing our strategy to focus on our core businesses," said C. Ray Holman, Mallinckrodt's chief executive. But the company got less than it had hoped for in both transactions. When Holman announced plans to divest both units, he said he hoped they would yield $1.25 billion. Instead, they will provide $955 million. Mallinckrodt has recorded a $275. …

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