NEW YORK (TheStreet) -- Merck & Co.(MRK) - Get Report shares are down -1.2% to $56.40 in pre-market trading after being downgraded to "equalweight" from "overweight" by analysts at Morgan Stanley(MS) - Get Report on Wednesday.

The downgrade comes on the heels of yesterday's news that German drug maker Bayer AG (BAYRY) had agreed to purchase Merck's consumer care division for $14.2 billion.

The deal makes Bayer one of the largest over-the-counter drug companies in the world as it assumes control of Merck's most popular non-prescription brands.

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