The "Old" Merck just filed a Form 8-K with the SEC, chock-full of post-closing disclosures, including this gem (at page 6):
. . . .On the Closing Date, pursuant to the Merger Agreement, the Chief Executive Officer, and Executive Vice-President and Chief Financial Officer and the other "named executive officers" of Schering-Plough and the Vice President and Controller (the principal accounting officer) of Schering-Plough ceased to serve in their respective positions. . . .
(e) Compensatory Agreements and Arrangements (page 10)
In connection with each of Mr. Hassan’s, Mr. Bertolini’s, Mr. Koestler’s, Ms. Cox’s, and Mr. Sabatino’s separation from service in connection with the Mergers, each became eligible to receive severance payments and benefits in accordance with his or her individual employment agreements. . . .
That, coupled with this, from New Merck's corresponding SEC Form 8-K (at page 4) makes it definitive -- only the Merck-ified officers, as previously-named, shall rule:
. . . .Effective as of the Closing Date, the following individuals, each of whom is an officer of New Merck and Old Merck, were elected to serve as directors of Old Merck, together with Richard T. Clark: Kenneth C. Frazier, Peter N. Kellogg and Bruce N. Kuhlik.
Following the Closing Date, the individuals serving as members of the Board of Directors of Old Merck will not receive any separate compensation for their role as a director of Old Merck. . . .
No huge surprise, there -- just good to see -- in definitive form. Travel well, Ms. Cox -- but travel light -- as it's now "whiskey for my men, and beer for my horses" time. [Ref.: a ditty by Willy Nelson and Toby Keith -- of a few years passed.]
2 comments:
Condor;
It was noticed that the Bayer products--Avelox, Levitra etc that SP promoted did not make it over to Merck. These products are not listed in the "New Merck" website but the other SP products are.
How could one verify the status of these products?
Any thoughts?
Well -- I'll look around, but I've seen nothing to suggest that New Merck has sold off those lines. In fact, the SEC Forms 8-K, filed last night, for both New and Old Merck, should have listed any material disposition of assets, in conjunction with completeing the reverse merger/bust-up.
My hunch is that CEO Clark is just going to emphasize the products he wants to emphasize.
While not definitive, see this (at page 2), as to Avelox patient assistance programs, formerly by Scheirng-Plough, now operated by Merck. And this, as to Levitra. Note that in both cases, the address hosting the forms is merck.com.
So, Merck continues to run patient affordability programs for these drugs -- and it seems unlikely Whitehouse Station would do so, if it were no longer receiving revenue from these lines.
I'll keep checkin' around, though.
Certainly Bayer would announce its reacquisition of these rights, if it had, in fact, reacquired them.
And it hasn't, at least not yet.
Remember also that GSK is part of the Levitra arrangement, and there has been no announcement there, either. In fact, Merck has other relationships with GSK -- on Mevacor.
So I could be wrong, but I wouldn't read too much into it.
Interesting, though.
Namaste
Post a Comment