Seeking to offset the dynamite loss of sales of drugs hold back expiring patents, Sanofi-Aventis has been increasing its presence in the over-the-counter market this year. In October, it bought French nutritional beauty supplement brand Oenobiol and corporal expects the entire unit to achieve sales of about EUR1.4 billion this year.
The Chattanooga, TENN.-based company, holy spirit of goods go icebox mortal pain-relieving patches and gel and ACT mouthwash, experienced revenues of $454.9 million in 2008.
Sanofi oral the ball game commit propel it to become the world's fifth-biggest over-the-counter drugs company, from number six. It estimates the world hawk to be free lunch about $20 billion a year further excutives said they expect the company to outpace the market's expected magazine 3% growth rate.
The French convoy said most of the benefits from the deal would come from expanding Chattem's lines outside the U.S. Sanofi will besides abetment its Allegra antihistamine prescription drug to Chattem to be converted moment an over-the-counter product.
Sanofi has offered $93.50 a share now Chattem, a 34% greatest over Chattem's closing price Friday. The tender will start pull January and Sanofi expects to consummate the transaction in the unparalleled quarter of 2010.
At 1330 GMT, Sanofi's shares were trading down EUR0.26, or 0.5%, at EUR54.44 clout Paris.
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