The investment-grade notes offering consists of four tranches

Davis Polk advised the representatives of the underwriters in connection with an SEC-registered debt offering by MSD Netherlands Capital B.V., a wholly owned subsidiary of Merck & Co., Inc., Rahway, N.J., USA (Merck), of €3.4 billion aggregate principal amount of notes. The notes were offered in four tranches, maturing in 2032, 2037, 2044 and 2054. The notes are guaranteed on an unsecured senior basis by Merck.

Merck is a global healthcare company that delivers innovative health solutions through its prescription medicines, including biologic therapies, vaccines and animal health products. Its operations are principally managed on a product basis and include two operating segments, pharmaceutical and animal health.

The Davis Polk capital markets team included partner Byron B. Rooney and associates Robert MacKenzie and Marcos Sauquet Trias. The tax team included counsel Christopher A. Baratta and associate Ted Lee. All members of the Davis Polk team are based in the New York office.

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