Sanofi Enters Negotiations to Swap Merial for Boehringer Ingelheim's Consumer Healthcare Business

Sanofi SNY and Boehringer Ingelheim today announced that the companies have entered into exclusive negotiations to swap businesses. The proposed transaction would consist of an exchange of Sanofi animal health business ("Merial") with an enterprise value of €11.4 bn and Boehringer Ingelheim consumer healthcare (CHC) business with an enterprise value of €6.7 bn. Boehringer Ingelheim CHC business in China would be excluded from the transaction. The transaction would also include a gross cash payment from Boehringer Ingelheim to Sanofi of €4.7 bn. The transaction would allow Sanofi to become the number one ranked player in CHC with expected pro forma sales of approximately €5.1 bn in 2015(e) and See full press release