Posted on 06/01/2010 in Pharmaceutical Company Restructures 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.Other news stories from 06/01/2010
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