Solvay Acquisition of Fournier Pumps Up Firm's Cardio Market
Solvay's planned $1.3 billion acquisition of France's Fournier Pharma provides the Belgian firm with a solid performer in the cardiovascular market and complements the company's existing portfolio with products in the gynaecology, gastroenterology and psychiatric treatment areas.
In addition, the proposed merger of the privately-owned French firm would strengthen Solvay's presence in Italy and Canada.
The deal is subject to a detailed review of the company which will be carried out in the next four weeks, according to Solvay. Pending satisfactory outcome of the due diligence, approval from the relevant authorities and appropriate employee information procedures, the acquisition could be completed during the summer of 2005, the Belgian company said.
Fournier is a global leader in fenofibrate, a successful cardio-metabolic product for treating raised blood lipids. The integration of Fournier would add "a strong and unique product line in dyslipidemia to Solvay's cardiology business and research pipeline, making this new cardio-metabolic area Solvay's largest franchise," Solvay said.
The transaction would expand Solvay Pharmaceuticals' business by more than one-third in terms of sales and immediately enhance the group's profitability, with a potential for significantly improved performance through pipeline development and synergies, according to Solvay.