Sanofi-Aventis agreed to buy Chattem Inc., Bond medicated body powder maker, for $1.9 billion to expand in consumer health-care in the U.S.
Sanofi will pay $93.50 a share in cash, 34 percent above Chattem’s closing price Dec. 18, the Paris-based drugmaker said in an e-mailed statement. After Purchase Sanofi will create the world’s fifth-largest consumer health-care company by revenue, Sanofi said today.
The acquisition is the second-biggest by Sanofi Chief Executive Officer Chris Viehbacher since he joined the drugmaker a year ago. He’s done more than a dozen deals in emerging markets, vaccines and now consumer products to replace revenue that will be lost to generic competition. Products that account for 20 percent of Sanofi’s annual sales will lose patent protection by 2013.
Chattem, based in Chattanooga, Tennessee, was founded 130 years ago. The company’s products include Selsun Blue dandruff shampoo and Icy Hot pain relief products.
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