Merck, a global healthcare company, completed the spin off its women’s health and biosimilars businesses with $6.5bn in annual revenues. Financial terms were not disclosed. Merck expects to receive $8bn to $9bn through a special tax-free dividend from NewCo. Merck expects that these funds will be allocated to business development or share repurchases and will provide more details about the planned usage of these funds closer to the spinoff date. “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. With leadership in our growth pillars and our robust pipeline, Merck is well positioned for strong long-term growth, with scientific innovation remaining the source of our value creation," Rob Davis, Merck President.