Sanofi, Merck plan to sell animal health asset worth $1 billion

05-10-2010 | |
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.
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The process is still at an early stage and probably won’t get under way until later this year, they said.
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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.
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The transaction probably will close in the first quarter next year, he said.
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[Source: Bloomberg]
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