Sanofi-Aventis concludes Chattem acquisition
13 Mar 2010
Sanofi-Aventis has completed its acquisition of Chattem, Inc, which is now a wholly-owned subsidiary of the Sanofi-Aventis Group. (See: Sanofi-aventis to acquire Chattem for $1.9 billion)
After close of market hours on Wednesday, 10 March 2010, Chattem's common stock ceased trading on the NASDAQ Global Select Market.
Chattem is now the US consumer healthcare platform for Sanofi-Aventis, headed by Chattem CEO Zan Guerry, headquartered in Chattanooga, Tennessee.
By strengthening its presence in the US consumer healthcare market, which represents 25 per cent of the current worldwide market, Sanofi-Aventis is building a significant platform for future growth and further securing its position as a global diversified healthcare company.
"This acquisition also provides new channels for maximising the potential of converting Sanofi-Aventis' prescription medicines to over-the-counter (OTC) products, beginning with fexofenadine hydrochloride, Allegra, which is expected to be an important growth driver for Sanofi-Aventis.
''The addition of Chattem to our worldwide portfolio of leading consumer healthcare businesses represents an important milestone in Sanofi-Aventis' strategy to become a global diversified healthcare leader,'' said Christopher A. Viehbacher, CEO, Sanofi-Aventis.