New Jersey-based drug maker Merck & Co. said Monday that it would acquire Schering-Plough Corp for $41.1 billion, in what appears to be a second megadeal for Big Pharma in weeks.

The merger brings together the makers of cholesterol drugs Zetia and Vytorin at a time when drug makers are forced to decrease prices for their drugs because of the ongoing global crisis.

Merck Chairman and Chief Executive Richard T. Clark released a statement saying the merger is intended to create “a strong, global healthcare leader built for sustainable growth and success. The combined company will benefit from a formidable research and development pipeline, a significantly broader portfolio of medicines and an expanded presence in key international markets, particularly in high-growth emerging markets.”

Clark will lead the combined company. Fred Hassan, Chairman and CEO of Schering-Plough “intends to participate in the integration planning until the close” of the deal, the statement further read.

The transaction will diversify Merck’s portfolio of medicines to include cardiovascular, respiratory, oncology, neuroscience, infectious disease and immunology.

Under the agreement, Schering-Plough shareholders will receive 0.5767 shares of Merck and $10.50 in cash for each of their shares. Each Merck share will automatically become a share of the combined company.

The deal would bring Merck cost savings of about $3.5 billion annually beyond 2011. In 2008, combined revenues of the two companies totaled $47 billion. Merck believes it will maintain its current credit ratings.

A similar transaction was announced about six weeks ago, when Pfizer purchased Wyeth, another New Jersey-based pharmaceutical company for $68 billion.