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Acquisition gives French drug maker access to U.S. OTC market.
February 9, 2010
By: TOM BRANNA
Editor
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.
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