BERLIN: Sanofi has agreed to a 22.8 billion euros (US$25.1 billion) asset swap with Germany’s Boehringer Ingelheim GmbH to bolster the French drugmaker’s business in selling over-the-counter drugs.
The companies reached a definitive agreement after announcing exclusive negotiations in December last year, they said in a statement yesterday.
The terms are unchanged from the original announcement — Sanofi will trade its Merial animal-health business, valued at 11.4 billion euros, for Boehringer’s 6.7 billion euros consumer-health operation. Closely held Boehringer is also to pay Sanofi 4.7 billion euros in cash.
The deal helps chief executive Olivier Brandicourt reshape Sanofi, whose pharmaceuticals division has grappled with declining sales of its best-selling insulin. It also adds to the consolidation in consumer health.
