MSD and Economic Development Board Sign Long-Term Agreement for Significant New Investments in Singapore
SINGAPORE, October 21, 2011 - MSD, known as Merck in the United States and Canada, and the Singapore Economic Development Board today jointly announced the signing of a new agreement under which MSD will expand its presence in Singapore through new manufacturing, marketing, and research investments. The new agreement provides MSD with a long-term vision for its operations across all facets of its business in Singapore.
"Singapore is privileged to be MSD's strategic partner and this agreement reflects on the strength of the relationship we have built up over the last 15 years. We are encouraged that this will pave the way for Singapore to continue to enhance our capabilities as an integrated global pharmaceutical site in Asia, across manufacturing, R&D and commercial operations," said Dr. Beh Swan Gin, Managing Director, Economic Development Board.
"Signing this agreement today with the Economic Development Board is a true investment in our collective future here in Singapore," said Willie A. Deese, Executive Vice President and President, Merck Manufacturing Division. "MSD is pleased to expand its already substantial operations in Singapore with new, far-reaching commitments that will support MSD's global mission of meeting patient needs with innovative medicines for use around the world."
Under the agreement, MSD will invest over USD $250 million over the next ten years in site improvements at its manufacturing facilities in Tuas, in addition to expanding its biotech operations, adding technology capability to support new product launches and committing to new expenditures of S$700 million on local research activities. MSD will also help to further develop the skills and broaden the technical expertise of its Singapore-based workforce through collaborations with local universities and training opportunities at other MSD facilities around the world.
MSD has a strong presence in Singapore through its manufacturing facilities, marketing and sales organization, Translational Medicines Research Center, and regional operations headquarters. The total MSD workforce in Singapore across these organizations is approximately 1,500 employees. MSD established its manufacturing operations in Singapore in 1996, and the total value of MSD's investments in Singapore to date are estimated at USD $1.5 billion.
*-*-* About EDB The Singapore Economic Development Board (EDB) is the lead government agency for planning and executing strategies to enhance Singapore's position as a global business centre. EDB dreams, designs and delivers solutions that create value for investors and companies in Singapore. Our mission is to create for Singapore, sustainable economic growth with vibrant business and good job opportunities. EDB's ‘Home' strategy articulates how we are positioning Singapore for the future. It is about extending Singapore's value proposition to businesses not just to help them improve their bottom line, but also to help them grow their top line through establishing and deepening strategic activities in Singapore to drive their business, innovation and talent objectives in Asia and globally. For more information, please visit www.sedb.com.
About MSD Today's MSD is a global healthcare leader working to help the world be well. MSD is known as Merck in the United States and Canada. Through its prescription medicines, vaccines, biologic therapies, and consumer care and animal health products, MSD works with customers and operates in more than 140 countries to deliver innovative health solutions. MSD also demonstrates its commitment to increasing access to healthcare through far-reaching policies, programs and partnerships. For more information, please visit www.merck.com.
Forward-Looking Statement This news release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such statements may include, but are not limited to, statements about the benefits of the merger between Merck and Schering-Plough, including future financial and operating results, the combined company's plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of Merck's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the possibility that the expected synergies from the merger of Merck and Schering-Plough will not be realized, or will not be realized within the expected time period; the impact of pharmaceutical industry regulation and health care legislation; the risk that the businesses will not be integrated successfully; disruption from the merger making it more difficult to maintain business and operational relationships; Merck's ability to accurately predict future market conditions; dependence on the effectiveness of Merck's patents and other protections for innovative products; the risk of new and changing regulation and health policies in the United States and internationally and the exposure to litigation and/or regulatory actions. Merck undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in Merck's 2010 Annual Report on Form 10-K and the company's other filings with the Securities and Exchange Commission (SEC) available at the SEC's Internet site (www.sec.gov). *-*-*