Sanofi-aventis completes buyout of Chattem

Sanofi-aventis has completed its takeover of fellow pharmaceutical company Chattem in a move designed to extend its global reach.

Common stock in Chattem ceased trading on the NASDAQ Global Select Market as of March 10th 2010, with the company now becoming a wholly-owned subsidiary of Sanofi-aventis.

The acquisition will allow Sanofi-aventis to reinforce its presence in the US market, as well as supporting its efforts to sell more of its prescription medicines as over-the-counter products, with its Allegra drug set to be first in line.

Christopher Viehbacher, chief executive officer of Sanofi-aventis, expressed confidence that the addition of Chattem’s sales, marketing and distribution expertise will be of benefit to the company.

He added that it “represents an important milestone in Sanofi-aventis’ strategy to become a global diversified healthcare leader”.

The deal between the companies was originally agreed in December 2009, with the transaction valued at around $1.9 billion (1.3 billion pounds).