Arnhem, the Netherlands, February 15, 2007 - Following previous announcements and the approval given at the Extraordinary General Meeting of shareholders, Akzo Nobel confirms its intention to arrange an IPO for Organon BioSciences during the coming weeks.
Akzo Nobel intends to sell approximately 20 to 30 percent of Organon BioSciences N.V. shares on Euronext in Amsterdam. Following the IPO, Akzo Nobel intends to separate the Pharmaceuticals business fully within two to three years.
“We believe that the separation and IPO of Organon BioSciences will create significant longterm value for Akzo Nobel shareholders,” said Hans Wijers, CEO of Akzo Nobel. “The separation will position Akzo Nobel as a focused Coatings and Chemicals company with a cohesive portfolio of businesses with market-leading positions and a strong balance sheet. This will enable the company to further improve profitability and to build on its leading positions through a combination of organic growth and acquisitions.”
Toon Wilderbeek, Akzo Nobel’s Board of Management member responsible for Pharmaceuticals and designated CEO of the new company: “Organon BioSciences is well positioned for future growth thanks largely to our continued commitment to innovative medicine in human and animal healthcare. We plan to continue to build our current product platform and achieve growth through our own discovery and development, but also through licensing deals and add-on acquisitions.”
Nobel has appointed Morgan Stanley and ABN AMRO as joint financial advisors on the IPO. A further announcement setting out the details of the proposed IPO will follow. The four members of the Organon BioSciences Supervisory Board have also been announced. They are Akzo Nobel CEO Hans Wijers (Chairman); Akzo Nobel CFO Rob Frohn; Frans J.G.M. Cremers, the former CFO of global information and media company VNU N.V. and Lodewijk J.R. de Vink, the former CEO of Warner-Lambert.