Sanofi gets go-ahead for Zentiva buy
This article was originally published in The Tan Sheet
Executive Summary
The European Commission approves Sanofi-Aventis' acquisition of Czech pharmaceutical firm Zentiva, with Sanofi agreeing to divest products from both companies in certain Central and Eastern European markets to satisfy competition law. Paris-based Sanofi says Feb. 4 it will pay 1,150 Czech Korunas ($52.32 under same-day conversion rates) for each of a minimum of 10.34 million shares of Zentiva stock. With Zentiva, which sells an OTC ibuprofen product called Ibalgin and an herbal nasal decongestant called Pinosol, Sanofi looks to accelerate its growth in emerging European markets (1"The Tan Sheet" Sept. 29, 2008, p. 8)