Sanofi-aventis to purchase Chattem

Sanofi-aventis has entered into an agreement with Chattem that will see the global pharmaceutical organisation purchase all outstanding shares in the firm, it has announced.

The company issued a statement explaining that the cash tender offer is for $93.50 (58.53 pounds) per share, or roughly $1.9 billion.

Sanofi-aventis said that, when completed, the transaction would make it the fifth-largest consumer healthcare company in the world, based on product revenues.

“The acquisition of Chattem will be a significant milestone in sanofi-aventis’ transformation strategy,” commented Christopher Viehbacher, chief executive officer of Sanofi-aventis.

He noted that the firm has “great respect” for Chattem’s “world-class” management team.

Zan Guerry, chairman and chief executive officer of Chattem, added that the move offers significant, immediate value to the firm’s shareholders.

Last month, Sanofi-aventis announced that the European Medicines Agency’s Committee for Medicinal Products for Human Use adopted a positive opinion and recommended to grant a marketing authorisation for its DuoPlavin product.