Akzo Nobel is spinning off its pharmaceutical unit in an IPO. The unit will be called Organon Biosciences and will trade on the Amsterdam exchange. The timing of the IPO will depend on pipeline development issues with a full separation of the business expected to take two or three years. "After a thorough strategic review, we believe that creating two independent companies... will enhance shareholder value through both increased management and strategic focus, and greater transparency," Akzo chief Hans Wijers told reporters. One analyst estimated the potential value of the IPO at €5.5 billion.
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