NEW YORK (AP) -- Richard T. Clark, current president and CEO of Merck, said Monday the company will restructure into five divisions after it completes its buyout of rival Schering-Plough for $41.1 billion.
Clark will remain CEO of the new company. The deal is expected to close in the fourth quarter.
The new company will have five primary divisions, including Global Human Health, Animal Health, Consumer Health Care, Merck Research Laboratories, and Merck Manufacturing.
Additionally, the Whitehouse Station, N.J.-based company said about 40 percent of Schering-Plough's senior leaders will be part of the newly combined company in executive roles, while a substantial majority of that company's employees will remain with the combined company.
"The organizational structure for the new Merck is designed to capture the opportunities in the broader and deeper in-line pharmaceutical franchises that will be created through the integration of Merck and Schering-Plough products," Merck said in a statement.
The Global Human Health division will be led by Kenneth C. Frazier, who currently serves as executive vice president and president of Global Human Health. The unit will include a focus on emerging markets.
Raul E. Kohan, currently senior vice president and president of Intervet Schering-Plough Animal Health, will lead the new Merck's animal health business.
Consumer Health Care will be temporarily led by Stanley F. Barshay, current chairman of Schering-Plough's consumer health unit. The combined company will search for a permanent leader in that position.
Merck Research Laboratories will be led by Peter S. Kim, who already serves as president of that unit.
Merck Manufacturing will be led by Willie A. Deese, who currently serves as president of Merck's manufacturing.