Sanofi, Merck plan to sell animal health asset worth $1 billion
Sanofi-Aventis SA and Merck & Co. plan to sell animal-health assets valued at about $1 billion after agreeing to combine their veterinary-medicine businesses this year.
Morgan Stanley, which is advising on the sale, sent out documents to prospective buyers, which may include Pfizer Inc., Bayer AG, Boehringer Ingelheim GmbH, Eli Lilly & Co. and Novartis AG, according to sources who declined to be identified because the matter isn't public.
The process is still at an early stage and probably won't get under way until later this year, they said.
World's largest animal-health business/ billions in sales
The combined venture, which creates the world's largest animal-health business, will have annual sales of about $5.3 billion before any divestments, Chris Viehbacher, Sanofi's chief executive officer said in a Sept. 15 presentation to investors.
The transaction probably will close in the first quarter next year, he said.
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