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SYT » Topics » Merck & Co, Inc.

This excerpt taken from the SYT 20-F filed Mar 1, 2006.

Merck & Co, Inc.

The May 10, 1997 acquisition of product rights and related net assets from Merck & Co. Inc. by Novartis agribusiness, Syngenta’s predecessor, was accounted for under the purchase method for both IFRS and US GAAP. Under IFRS rules then in force, US$38 million in-process research and development was treated as part of goodwill, whereas under US GAAP it was

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expensed at the time of acquisition. As a result, IFRS goodwill of US$91 million at the acquisition date exceeded US GAAP goodwill. In accordance with SFAS No. 142, US GAAP goodwill ceased to be amortized as from January 1, 2002. IFRS goodwill continued to be amortized until December 31, 2004.

This excerpt taken from the SYT 20-F filed Mar 16, 2005.
Merck & Co, Inc.

The May 10, 1997 acquisition of product rights and related net assets from Merck & Co. Inc. by Novartis agribusiness, Syngenta’s predecessor, was accounted for under the purchase method for both IFRS and US GAAP. Under IFRS rules then in force, US$38 million in-process research and development was treated as part of goodwill, whereas under US GAAP it was expensed at the time of acquisition. As a result, IFRS goodwill of US$91 million at the acquisition date exceeded US GAAP goodwill. In accordance with SFAS142, US GAAP goodwill ceased to be amortized as from January 1, 2002. IFRS goodwill is amortized over 15 years. IFRS amortization expense is added back in deriving US GAAP net income.

EXCERPTS ON THIS PAGE:

20-F
Mar 1, 2006
20-F
Mar 16, 2005

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