Sanofi, Boehringer in Talks for Asset Swap
Sanofi is poised to become one of the world’s largest manufacturers of nonprescription drugs if a proposed asset swap with Boehringer Ingelheim comes together.
The proposed transaction would consist of an exchange of Sanofi’s Merial animal health business — which is valued at more than $12 billion — and Boehringer’s consumer healthcare business, worth more than $7 billion. Boehringer’s CHC portfolio includes the laxative Dulcolax and the cold treatment Mucoangin/Lysopaine.
Boehringer’s CHC enterprise in China would be excluded from the transaction.
The deal also would include a cash payment to Sanofi worth more than $5 billion. For Boehringer, its ownership of Merial — which markets Frontline and Heartgard — would enable it to become the second-largest player in the global animal health market.
Boehringer and Sanofi are looking to close the deal in the fourth quarter of 2016.