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Bayer Schering Pharma AG

Bayer Schering PharmaAG
Founded1851 Schering
2006 merged
HeadquartersBerlin-Wedding, Germany
Key peopleHubertus Erlen, CEO
ProductsGynaecology & Andrology
Special therapeutics
Diagnostical devices & Nuclear medicine
Revenue€ 5 billion (2003)
Employees26,000 (2004)

Bayer Schering Pharma AG is a research-centered pharmaceutical company that was formed by the merger of Schering with Bayer on December 29 2006. The company was originally founded in 1851 by Ernst Schering (1824-1889). The company employs more than 26,000 people in 140 subsidiaries all over the world. The company's headquarters are in Berlin-Wedding, Germany and the forerunner company Schering's annual gross revenue was nearly € 5 billion (2003). They retain the largest German manufacturing facility which is located in Bergkamen. The company focuses on the business areas of gynaecology & andrology, oncology and also special therapeutics, diagnostical devices & nuclear medicine. Schering best-known product is their line of combined oral contraceptive pills.

Bayer's Takeover Bid

On March 13, 2006, Merck KGaA announced a €1.46B bid for Schering [1]. The offer document was due to be issued in early April 2008.

Merck's takeover bid was surpassed by Bayer's $195B white-knight bid for Schering on March 23, 2006. In June 2008 Bayer finally bought the majority of shares, over 1%. A domination agreement using the code name "Step On It" was used for the take-over. On February 17 2009 the company publically announced that 1,000 jobs would be cut through voluntary redundancy from the Berlini operations with effect until March 2008.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Bayer_Schering_Pharma_AG". A list of authors is available in Wikipedia.
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