Merck 2010 Annual Report Download - page 150
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Pursuant to a contract dated October 28, 2010, Merck sold Théramex, a Monaco-based pharmaceuti-
cal company specialized in women’s health and gynecology, to Asaph Farmaceutische Onderneming
B.V., Teva Italia S.r.l. and Teva Pharmaceuticals Ltd. (collectively “Teva”). Teva took over all the activities
of Théramex, including 100% of the shares in two subsidiares, for EUR 269.3 million. The contract
was subject to not only the customary closing conditions, but especially the condition precedent
that antitrust clearance be obtained in the respective countries. Antitrust clearance from the French
authorities was granted on December 20, 2010 as the final condition for the closing. The payment of
the purchase price was made on January 5, 2011 as agreed. Consequently, a corresponding receiv-
able was recognized in the balance sheet as of December 31, 2010. The sale includes the marketing
rights to Théramex products in a number of countries, including Spain and Brazil. Merck Serono
will continue to market Théramex products in certain other countries. Apart from the payment of
the purchase price, Merck is entitled to certain performance-related milestone payments. Merck
generated a gain of EUR 68.6 million from the sale, which was disclosed in the income statement
under exceptional items. The divested business of Théramex contributed around EUR 84 million to
Group sales in 2010.
The divestment of Théramex had the following effect on the consolidated balance sheet:
EUR million 2010
Cash and cash equivalents 9.2
Receivables 15.8
Inventories 22.4
Other current assets 2.0
Goodwill 159.0
Property, plant and equipment 7.3
Other non-current assets 1.5
Assets 217.2
Trade accounts payable 10.6
Other current liabilities 5.7
Gain from divestment 68.6
146 Merck Annual Report 2010