Chattem to become Sanofi-Aventis subsidiary
French drug company Sanofi-Aventis has completed its tender offer for all outstanding shares of common stock of Chattem.
French drug company Sanofi-Aventis has completed its tender offer for all outstanding shares of common stock of Chattem.
Chattem will become a wholly owned subsidiary of Sanofi-Aventis.
US-based Chattem is approximately 130 years old and is a leading manufacturer of branded consumer healthcare products, toiletries and dietary supplements across niche market segments in the US.
Sanofi-Aventis said it would seek to convert its Allegra (fexofenadine HCI) antihistamine brand in the US from a prescription drug to an OTC product. Upon Allegra's conversion, Chattem will assume responsibility for the brand as part of becoming the platform for Sanofi-Aventis" US OTC and consumer healthcare business.
"The acquisition of Chattem will be a significant milestone in Sanofi-Aventis" transformation strategy and will provide us with the ideal platform in the US consumer healthcare market, which represents 25% of the current worldwide opportunity," said Christopher Viehbacher, chief executive of Sanofi-Aventis.
"In addition, we believe our ability to convert prescription medicines to OTC products will be enhanced by Chattem's leading sales, marketing and distribution channels."
Zan Guerry and the senior leadership team of Chattem have agreed to lead Sanofi-Aventis' US consumer health division following the close of the transaction.