Merck Appoints Udit Batra to Head Combined Life Science Business Following Pending Sigma-Aldrich Acquisition
Merck, Darmstadt, Germany announced that Udit Batra, currently CEO and President of the Life Science business, has been appointed to lead the combined life science business of Merck KGaA, Darmstadt, Germany, once the acquisition of Sigma-Aldrich has been successfully completed.
The planned $17 billion transaction remains subject to customary closing conditions and regulatory approvals, which the company expects to have completed in mid-2015. Until then, the life science business of Merck KGaA, Darmstadt, Germany, and Sigma-Aldrich will continue to operate as separate companies with Udit Batra and Rakesh Sachdev, President and CEO of Sigma-Aldrich, running both organizations independently. Rakesh Sachdev will serve in an advisory capacity, as needed, to ensure a smooth transition.
Merck, in September 2014, announced the planned acquisition of U.S. life science company Sigma-Aldrich as part of its "Fit for 2018" transformation and growth strategy aimed at building three strong platforms for sustainable, profitable growth. If approved, the acquisition will be the largest in the company's almost 350-year history and marks an inflection point for both companies as it will deliver significant customer benefits, including a broader, complementary range of products and capabilities, greater investment in breakthrough innovations, enhanced customer service and a leading e-commerce and distribution platform in the $130 billion global life science industry.
Merck has already secured antitrust clearance from the United States Federal Trade Commission (FTC) and some other jurisdictions, and is working diligently with the respective authorities to complete the transaction as planned. In March, the company announced that it successfully placed $ 4 billion in bonds, following the placement of € 1.5 billion in hybrid bonds in December to help finance the transaction.
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