Merck & Co. (MRK) on Monday named managers who will run top businesses after the drug maker closes its deal to combine with Schering Plough Corp. (SGP), while saying it will focus on growth opportunities in emerging markets, biologic drugs and vaccines.

Merck is essentially taking over Schering in a cash-and-stock deal valued at $41 billion when announced in March. The new organization will retain the Merck company name, board and top management even though the deal has been structured as a reverse merger, in which Schering will be the surviving company.

The combined company's biggest business, called Global Human Health, will add a new emerging-markets group targeting areas such as China and Latin America. The company is also adding franchises based on women's health and mature brands and is keeping a potential successor to Chief Executive Richard T. Clark at the helm of Global Human Health.

That will be one of five primary divisions at the new Merck. The others are animal health; consumer health care; Merck research laboratories; and Merck manufacturing. The top officials named to each division were already leaders for these businesses at one of the two companies, indicating Merck isn't significantly shaking up the management ranks.

The management structure also leaves most basic research heads from Schering-Plough Research Institute sites in place. Schering's strong research pipeline is seen as a key asset in the deal for Merck, which has been beset by patent expirations and research setbacks.

Each division will report to Clark, who was named CEO of the combined company when the deal was signed. Animal-health and consumer health care will operate as separate business units.

In a release, Clark said that "integration planning is proceeding smoothly and on schedule," and Merck noted that the deal is still expected to close in this year's fourth quarter.

While the deal is still subject to antitrust clearance, shareholders from both companies have given their approval.

Shares of Merck recently rose 31 cents to $32.63, while Schering gained 27 cents to $28.29.

Miller Tabak & Co. analyst Les Funtleyder said he didn't see major changes in Monday's announcement, and added that it will be more important to see how the two companies' cultures mesh over the long haul.

Kenneth C. Frazier, the former general counsel of Merck who helped navigate the legal issues surrounding the 2004 market withdrawal of pain drug Vioxx over safety concerns, will keep his job running the big global human health division. That business consists of the prescription, vaccines and biologics businesses.

Analyst Funtleyder said he believes that Frazier could be the next in line to run the company following the departure of Clark, who will reach Merck's mandatory retirement age of 65 in 2011. Merck didn't provide insight into its succession plans on Monday.

Raul E. Kohan, head of Intervet Schering-Plough Animal Health, will lead the new animal-health business, which will have more than 1,000 products and revenue of about $3 billion. To satisfy regulators, Merck has agreed to sell its 50% stake in the Merial animal-health joint venture to partner Sanofi-Aventis SA (SNY) for $4 billion.

Stanley F. Barshay, chairman of consumer health-care operations at Schering-Plough, will be the interim head of the new consumer health care businesses while the company searches for a permanent leader. The new business will target growth outside the U.S. Schering-Plough's consumer health care business includes products such as allergy medicine Claritin, sun-protection product Coppertone and the Dr. Scholl's foot-care line.

Merck Research Laboratories will be led by Peter S. Kim, currently that division's executive vice president and president. Merck manufacturing will be led by that group's current president, Willie A. Deese.

The reverse merger structure was pursued to guard Merck's post-merger marketing rights to arthritis drugs including Remicade. Schering co-markets the drugs with Johnson & Johnson (JNJ), but their agreement has a change-of-control provision under which full rights to the drugs would revert to J&J if Schering were taken over.

-By Thomas Gryta, Dow Jones Newswires; 212-416-2169; thomas.gryta@dowjones.com

-By Jon Kamp, Dow Jones Newswires; 617-654-6728; jon.kamp@dowjones.com

(Mike Barris contributed to this report.)