Exhibit 5.1
McCarter & English, LLP Four Gateway Center 100 Mulberry Street P.O. Box 652 Newark, NJ 07102 T. 973.622.4444 F. 973.624.7070 www.mccarter.com |
![]() |
August 10, 2007
Schering-Plough Corporation
2000 Galloping Hill Road
Kenilworth, NJ 07033
2000 Galloping Hill Road
Kenilworth, NJ 07033
| Re: | Schering-Plough Corporation Common Stock Offering |
Ladies and Gentlemen:
We have acted as special New Jersey counsel to Schering-Plough Corporation, a New Jersey
corporation (the Company), in connection with the Companys authorization for issuance and sale
of an aggregate of 50,000,000 shares of its common stock, par value of $0.50 per share (the Common
Stock), and of up to 7,500,000 additional shares of Common Stock (to be issued and sold in the
event the underwriters exercise their over-allotment option). The Common Stock is to be offered
and sold under the Companys Registration Statement on Form S-3, No. 333-145055 (the Registration
Statement) filed with the Securities and Exchange Commission under the Securities Act of 1933, as
amended (the Securities Act).
In connection with our representation of the Company, and as a basis for the opinion
hereinafter set forth, we have examined and relied upon copies of the following documents
(collectively, the Documents): (1) the Registration Statement; (2) the prospectus supplement
dated August 2, 2007 relating to the Common Stock; (3) the final prospectus supplement dated August
9, 2007 relating to the Common Stock; (4) the Amended and Restated Certificate of Incorporation of
the Company (the Charter), certified as of a recent date by the Department of the Treasury of the
State of New Jersey; (5) the bylaws of the Company, as amended to the date hereof; (6) resolutions
adopted by the Board of Directors of the Company on March 10, 2007 relating to, among other
matters, the registration of the Common Stock, as certified by the Assistant Secretary of the
Company on July 26, 2007 as being complete, accurate and in effect; (7) resolutions adopted by the
Board of Directors of the Company on June 26, 2007 relating to, among other matters, the issuance
of the Common Stock, as certified by the Deputy Secretary of the Company on August 3, 2007 as being
complete, accurate and in effect; (8) resolutions adopted by the Pricing Committee of the Board of
Directors of the Company on August 9, 2007 relating to, among other matters, the issuance of the
Common Stock, as certified by the Assistant Secretary of the Company on August 10, 2007 as being
complete, accurate and in effect; and (9) such other documents and matters as we have deemed
necessary or appropriate to express the opinion set forth in this letter, subject to the
assumptions, limitations and qualifications stated herein.
Schering-Plough Corporation
August 10, 2007
Page 2
August 10, 2007
Page 2
In expressing the opinion set forth below, we have assumed, and so far as is known to us
there are no facts inconsistent with, the following: (1) each individual executing any of the
Documents is legally competent to do so; (2) each individual executing any of the Documents on
behalf of a party (other than the Company), is duly authorized to do so; (3) each of the parties
(other than the Company) executing any of the Documents has duly and validly executed and delivered
each of the Documents to which such party is a signatory, and such partys obligations set forth
therein are legal, valid and binding; and (4) all Documents submitted to us as originals are
authentic; all Documents submitted to us as certified or photostatic copies conform to the original
documents; all signatures on all such Documents are genuine; all public records reviewed or relied
upon by us or on our behalf are true and complete; all statements and information contained in the
Documents and in the factual representations to us by officers of the Company are true and
complete; and, there are no oral or written modifications or amendments to the Documents, by action
or conduct of the parties or otherwise.
For the purposes of the opinions set forth below, we have assumed that (1) the Registration
Statement has become effective under the Securities Act and such effectiveness shall not have been
terminated or rescinded; (2) the prospectus supplement dated August 2, 2007 and the final
prospectus supplement dated August 9, 2007 have been prepared and filed under the Securities Act
describing the terms of such Common Stock offered thereby complying with all applicable laws (3)
all applicable provisions of the Blue Sky and securities laws of the various states and other
jurisdictions in which the Common Stock may be offered and sold shall have been complied with; and
(4) none of the terms of the Common Stock, nor the issuance and delivery of the Common Stock, nor
the compliance by the Company with the terms of the Common Stock will violate any applicable law or
will result in a violation of any provision of any instrument or agreement then binding upon the
Company, or any restriction imposed by any court or governmental body having jurisdiction over the
Company.
We express no opinion as to the laws of any jurisdiction other than the laws of the State
of New Jersey.
Based upon the foregoing, and subject to the assumptions, limitations and qualifications
stated herein, we are of the opinion that upon the due execution, countersignature and delivery of
certificates evidencing the Common Stock, the Common Stock will be duly authorized and, when and if
delivered against payment therefor in accordance with the resolutions of the Board of Directors of
the Company authorizing their issuance, will be validly issued, fully paid and nonassessable.
We assume no obligation to supplement this opinion if any applicable law changes after the
date hereof or if we become aware of any fact that might change the opinion expressed herein after
the date hereof.
Schering-Plough Corporation
August 10, 2007
Page 3
August 10, 2007
Page 3
We hereby consent to the reference to our firm under the Section Validity of Securities in
the prospectus supplement included in the Registration Statement and to the filing of this opinion
as Exhibit 5.1 to the Companys Current Report on Form 8-K. In giving this consent, we do not
thereby admit that we are an expert within the meaning of the Securities Act.
Very truly yours,
/s/ McCarter & English, LLP
McCARTER & ENGLISH, LLP
