Fred knows a good deal when he sees one. The reaction to the controversy over the Vytorin trial has gotten so bad that Schering-Plough stock is down roughly 20 percent this week. What better time to buy? And so Fred is wading in to snap up $2 million in stock with his own money.

“As was the case in November 2003, when I purchased $4.68 million in Schering-Plough common shares at an average price of $15.42, this investment in Schering-Plough reflects my long-term confidence in the company, its products (including Zetia and Vytorin), and our late-stage pipeline,” he says in a statement, in which he blames the media portrayal of the trial results, but ignores the lack of transparency surrounding the release and handling of the data - a nearly two-year delay in disclosing results, changing the primary endpoint without telling the lead investigator and naming a review panel with financial conflicts.

“The media interpretations of the top-line Enhance trial results, and the resulting stock price reaction, have been deeply troubling. I firmly believe in Vytorin and Zetia. Further, I believe this company is now a strong and diverse global competitor, with sound long-term fundamentals, that is capable of driving long-term growth. Our mission is ‘To earn trust, every day,’ and this personal stock purchase reflects my faith that, together, our 50,000 dedicated Schering-Plough employees can accomplish that mission…I had already made a significant personal investment in Schering-Plough in 2003, and I believe that adding another $2 million to this personal investment is the right thing to do.”

The statement adds that “Hassan had wanted to purchase the stock yesterday, when the stock closed at $21.62. However, it was determined that, under the federal securities laws, it would be better to defer the purchase until earnings for the fourth quarter and the full year 2007 are announced, scheduled for Feb. 12, 2008, and the full results of the ENHANCE trial are discussed in a scientific forum, anticipated for the American College of Cardiology meeting in late March. Hassan committed that the purchase will then be completed, whatever the stock price at that time.”

“As we said at last week’s meeting with analysts and investors, there are still significant challenges facing Schering-Plough, but I firmly believe this company can be turned around and become a highly competitive global organization that should be capable of producing long-term growth,” Fred says.