Dutch chemicals maker Akzo Nobel shares got a boost on Tuesday after the company said it will ask shareholders for formal permission to spin off its pharmaceuticals division as a separate company next month.
Akzo Nobel will remain a maker of chemicals and industrial paints, while the pharmaceuticals business, best known for making birth control drugs, will be spun off as Organon BioScience.
Akzo said that it would sell 20-30 percent of the company and seek to have it listed on the Euronext stock exchange in early 2007.
The rest of the company will be divested within three years, Akzo said.
Key to the success of Organon BioScience are trial data results on its antipsychotic drug asenapine.
Phase 3 results are due in the third quarter.
No comments:
Post a Comment