Schering-Plough Corporation
August 1, 2007
Page 2
5. Resolutions adopted by the Board of Directors of the Company on March 10, 2007 relating to the registration of the Securities, as certified by the Assistant Secretary of the Company on July 26, 2007 as being complete, accurate and in effect; and
6. 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.
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 party’s obligations set forth therein are legal, valid and binding;
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. There are no oral or written modifications or amendments to the Documents, by action or conduct of the parties or otherwise; and
5. Securities will be issued against payment of valid consideration under applicable law.
For the purposes of the opinions set forth below, we have assumed that (i) the creation, terms of and issuance of the Securities that may be issued from time to time will have been duly authorized and established by proper action of the Company, consistent with the procedures and terms described in the Registration Statement and in accordance with the Charter, the Bylaws and applicable law, in a manner that does not violate any law, government or court-imposed order or restriction or agreement or instrument then binding on the Company (the “Authorizing Proceedings”); (ii) prior to any issuance of Preferred Shares, such Preferred Shares shall be classified in accordance with the Charter and applicable New Jersey law, and an appropriate Certificate of Amendment to the Charter shall be duly filed with the Department of the Treasury of the State of New Jersey; (iii) the