Newspaper article International New York Times

Boehringer and Sanofi Discuss Swap

Newspaper article International New York Times

Boehringer and Sanofi Discuss Swap

Article excerpt

The exchange of business units would make Sanofi one of the world's largest manufacturers of nonprescription medicines

The French pharmaceutical company Sanofi and the German drug maker Boehringer Ingelheim said on Tuesday that they were in "exclusive negotiations" on an asset swap that would make Sanofi one of the world's largest manufacturers of nonprescription medicines.

Under the deal's terms, Sanofi would send Merial, its animal health business, to Boehringer and Sanofi would receive 4.7 billion euros, or $5.2 billion, in cash and Boehringer's consumer health care business, excluding its operations in China.

Sanofi's animal health business, known as Merial, is valued around EUR 11.4 billion, including debt, while Boehringer's consumer health care business is worth about EUR 6.7 billion.

The deal would make Sanofi a top manufacturer of over-the- counter drugs, with annual sales of EUR 5.1 billion and a 4.6 percent market share. Boehringer would become the second-largest animal health company, behind Zoetis, the former animal health business that was spun off from Pfizer, said Sanofi and Boehringer. …

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