Sanofi seals Zentiva deal
This article was originally published in The Tan Sheet
The Paris-based firm acquires Zentiva, allowing Sanofi-Aventis to enter Turkey, Russia and Central and Eastern European markets. The deal gives Sanofi-Aventis 27.4 million shares of Zentiva, or 70 percent of the company's outstanding share capital and voting rights, according to a Feb. 25 statement. Including shares held prior to the offer, Sanofi expects to hold about 94 percent of Zentiva's share capital and voting rights. The Czech pharmaceutical firm sells the OTC ibuprofen product Ibalgin (1"The Tan Sheet" Feb. 9, 2009, In Brief)
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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)
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