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Sanofi agrees to acquire Chattem
Source: Agencies |
December 22, 2009, Tuesday
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FRENCH drug maker Sanofi-Aventis SA yesterday said it has agreed to buy United States health care company Chattem Inc for about US$1.9 billion in cash in a deal it said would create the world's fifth-largest consumer healthcare company.
Paris-based Sanofi-Aventis said it will offer US$93.50 per share to acquire 100 percent of Chattem, a Tennessee-based maker of consumer health care products such as Gold Bond skin care creams and Icy Hot pain relief medicine.
In a statement, Sanofi-Aventis said it will launch its public tender offer for Chattem in January, and it expects to complete the acquisition in the first quarter of 2010.
Chattem's management will remain in place following the takeover, Sanofi-Aventis said.
The French firm said it would maintain both of Chattem's existing plants in Chattanooga and will continue construction on a third.
Last year Chattem had 488 employees and reported revenue of US$455 million.
Paris-based Sanofi-Aventis said it will offer US$93.50 per share to acquire 100 percent of Chattem, a Tennessee-based maker of consumer health care products such as Gold Bond skin care creams and Icy Hot pain relief medicine.
In a statement, Sanofi-Aventis said it will launch its public tender offer for Chattem in January, and it expects to complete the acquisition in the first quarter of 2010.
Chattem's management will remain in place following the takeover, Sanofi-Aventis said.
The French firm said it would maintain both of Chattem's existing plants in Chattanooga and will continue construction on a third.
Last year Chattem had 488 employees and reported revenue of US$455 million.
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