Sanofi-Aventis Completes Tender Offer for Chattem

2010-02-09 | 07:46

Acquisition gives French drug maker access to U.S. OTC market.

French drugmaker Sanofi-Aventis completed its tender offer for shares of Chattem Inc., which makes Gold Bond skin products, Icy Hot pain relief packs, and Selsun Blue dandruff shampoo.

Sanofi-Aventis said 89.8% of Chattem shares were tendered, or about 18.6 million shares.

It offered to buy the Chattanooga, TN company in December for $1.9 billion, or $93.50 per share. The remaining shareholders will receive the right to get $93.50 per share.

The deal is intended to expand Sanofi-Aventis' U.S. health care business and move it into over-the-counter products for the first time in the country.