IPO to ICI

The E11bn sale of Akzo’s pharma unit to Schering Plough may have been a surprise to the market. The Dutch conglomerate was thought to be pushing ahead with plans for a public offer of Organon Biosciences, expected in just two weeks. But the US drugs group has offered such a full price for Organon that Akzo could hardly refuse. In fact, a clean break suits its purposes much better than a partial sale. At 14.6 times ebitda, the price is in line with other recent deals in the sector. German drug an...