Merck Spins Off Organon

(RTTNews) - Merck (MRK) Thursday announced the spin-off of Organon & Co.

Organon, a women's health company, will be debuted today on the New York Stock Exchange under the symbol "OGN".

"Today marks a significant milestone for both Merck and Organon. Organon is now an independent, publicly traded company with a broad portfolio of important medicines and products, and is fully prepared to deliver sustainable growth and value," said Rob Davis, president, Merck.

The company said," The spinoff is expected to allow Merck to increase its focus on key growth pillars, achieve higher revenue and EPS growth rates and enable incremental operating efficiencies of approximately $1.5 billion, which are expected to be achieved ratably over three years, with approximately $500 million realized during 2021".

In connection with the spin-off, Merck received a distribution from Organon of about $9 billion.