Sanofi-Aventis SA (NYSE: SNY)have entered an agreement to acquire Chattem Inc. (NASDAQ: CHTT) for $1.9 billion. Chattem produces consumer products like Selsun Blue shampoo and Gold Bond lotions and powders. This will increase Sanofi's presence in the over the counter market as it seeks to offset the loss of sales from drugs with expiring patents. Chattem had posted 2008 revenues of $454.9 million.
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The acquisition will boost the company to becoming the fifth largest over the counter drugs company in the world. The company estimates its world market to be worth about $20 billion a year. Most of the benefits would come from expanding Chattem's products outside of the US.
Sanofi-Aventis is a pharmaceutical group engaged in the research, development, manufacture and marketing of healthcare products. The Company's business includes two main activities: pharmaceuticals and human vaccines through sanofi pasteur.
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