Sanofi completes Chattem deal
This article was originally published in The Tan Sheet
Executive Summary
Sanofi-Aventis completes its purchase of Chattanooga, Tenn-based Chattem, giving the French firm a strong base for its growth in the U.S. consumer health care market, which represents 25 percent of the worldwide opportunity. Sanofi said March 11 that effective at the close of business on March 10, Chattem's common stock ceased trading on NASDAQ. The deal provides new channels for Sanofi to maximize the potential of switching prescription drugs to OTC products, beginning with its Rx antihistamine Allegra (1"The Tan Sheet" Jan. 4, 2010). Chattem's former CEO Zed Guerry will lead the U.S. consumer health care business for Sanofi, reporting to Greg Irace, president and CEO of Sanofi-Aventis U.S. Soon after agreeing to acquire Chattem, Sanofi underscored its expanding consumer product focus by naming Hans Regenauer to head its global OTC business (2"The Tan Sheet" Jan. 11, 2010)