Shareholders of both, Merck & Co and Schering-Plough have backed the merger of the two U. S. drug-makers in their special meeting on Friday.

The merging of the two companies would make Merck & Co to become world's no. 2 drug-maker in terms of prescription medicine sales, just behind Pfizer Inc.

The companies informed that in excess of 99% of their respective shareholders approved the deal via voting.

After the merger, Merck & Co would enjoy annual sales worth around $42.4 billion.

Merck & Co would acquire Schering-Plough in cash and stock deal valued at $41 billion as it was announced in March.

Merck & Co hopes that the merger would assist the company in trimming down its operating costs. Company would also slash jobs to cut costs.

The deal is yet to be approved by the regulators in United States and Europe.