Bayer and Schering optimistic about their common future

23-Jun-2006

Following the success of Bayer's takeover offer for Schering, the two companies are confident about their common future. "We will combine two successful pharmaceutical companies to form a single, even more powerful unit and create a leading global enterprise," said Bayer Management Board Chairman Werner Wenning at a joint news conference on Wednesday in Berlin. "Schering is in excellent shape," added Schering Executive Board Chairman Dr. Hubertus Erlen. "Together with Bayer we now want to become even better. And the chances of achieving this are good." The two chairmen announced initial details of the upcoming integration process. An extraordinary stockholders' meeting of Schering AG is planned for September. After that the future "Bayer Schering Pharma," headquartered in Berlin, will be led by a new Board of Management chaired by Arthur Higgins, who will also continue to head up the entire Bayer HealthCare subgroup.

Also on the Management Board of Bayer Schering Pharma will be Dr. Ulrich Köstlin and Prof. Marc Rubin from Schering, along with Dr. Gunnar Riemann and Werner Baumann from Bayer. Köstlin will assume responsibility for the Primary Care, Gynecology and Andrology, and Diagnostic Imaging product groups, and will represent the business in Europe, Asia and Japan. Riemann will head up the Oncology, Hematology and Cardiology, Dermatology, and Specialty Therapeutics business units and also assume responsibility for the North and South America regions. Rubin will serve as head of Research and Development in the new company, while Baumann will become head of Central Administration and Organization. In this function, Baumann will continue to be responsible for the entire Bayer HealthCare subgroup. On the Board of Bayer Schering Pharma he will also hold responsibility for Production and Human Resources. All the members of the Board of Management of Bayer Schering Pharma will at the same time be members of the Bayer HealthCare Executive Committee.

The three other current members of the Schering Executive Board - Dr. Karin Dorrepaal, Prof. Rainer Metternich and Dr. Jörg Spiekerkötter - have decided not to serve on the Board of Management of Bayer Schering Pharma. The present Executive Board of Schering AG will remain in office until the extraordinary stockholders' meeting and assist with the integration.

Schering Executive Board Chairman Erlen will remain available to the new company. Wenning said he is pleased Erlen has agreed to join the Supervisory Board of Bayer Schering Pharma AG as one of its Vice Chairmen. Due to the importance of the merger, Wenning himself plans to take over the chairmanship of the new company's Supervisory Board.

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