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Merck to Spin Off Organon Women's Health Unit to Shareholders on June 2

05/07/2021 11:03

02:51 PM EDT, 05/07/2021 (MT Newswires) -- Merck (MRK) said Friday its board has approved the spinoff of its Organon women's health unit, which is expected to be completed June 2.

The drugmaker said it would issue a special dividend of one-tenth of a share of Oragnon common stock for every outstanding Merck common share on June 2 to holders of record as of May 17.

"This spinoff will position Organon as a successful, independent, publicly traded company with a compelling portfolio of important medicines, particularly in women's health," said Merck President Rob Davis.

From June 3, Organon will trde on the New York Stock Exchange under the OGN ticker, while Merck will continue to trade under its ticker MRK.

Until June 3, Organon's common stock will trade on a "when issued" basis starting May 14 under the ticker OGN.WI, the company said.

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