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Merck, Schering form pact
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May 23, 2000: 3:09 p.m. ET
Pharmaceutical companies to collaborate on cholesterol, allergy drugs
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NEW YORK (CNNfn) - Drug makers Merck & Co. Inc. and Schering-Plough Corp. agreed Tuesday to join forces to develop new treatments for cholesterol and asthma, hoping to find new uses for two top-selling medications.
Under the pact, the New Jersey-based companies will collaborate on a new allergy treatment combining Schering-Plough's (SGP: Research, Estimates) blockbuster antihistamine Claritin, the company's No. 1 product, and Merck's (MRK: Research, Estimates) Singulair, an asthma and allergy medication.
They will also work on a cholesterol tablet combining cholesterol-lowering medicine Zocor, one of Merck's biggest drugs, and Schering-Plough's experimental compound ezetimibe, a cholesterol absorption blocker.
The companies agreed to form two partnerships to develop the proposed new drugs. The ventures will be equally owned and managed by Schering-Plough and Merck.
In afternoon trading Wednesday, shares of Merck - a Dow industrials component - gained 3/8 to 72-11/16 while Schering-Plough added 1-9/16 to 45-3/8. 
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