Drugmaker Sanofi-Aventis completes Chattem deal
Sanofi-Aventis said Thursday it completed its acquisition of Chattem Inc., making the Tennessee company a wholly owned subsidiary of the French drugmaker.
Sanofi-Aventis offered to buy Chattem — which makes Gold Bond skin products, Icy Hot pain relief packs, and Selsun Blue dandruff shampoo — in December for $1.9 billion, or $93.50 per share.
The deal is intended to expand Sanofi-Aventis' U.S. health care business and help it convert prescription medicines to over-the-counter products, starting with the allergy treatment Allegra.
That could help strengthen revenue over the next few years and protect the company against weaker sales of its blood thinner Plavix. Plavix sales are expected to fall after generic competition reaches the market in 2012.
Regulators cleared the Chattem acquisition in January.
Chattem's common stock stopped trading Wednesday. Sanofi-Aventis shares fell 25 cents to $38.02 Thursday.