Bold Brandicourt Plots Mega Sanofi And Boehringer Animal, Consumer Asset Swap
This article was originally published in Scrip
Sanofi and Boehringer Ingelheim are in exclusive negotiations to swap parts of their businesses. The deal would involve an exchange of Sanofi's animal health business Merial, which is worth €11.4bn, with Boehringer's consumer healthcare (CHC) business, worth €6.7bn. To make up the difference in value between the two businesses, Boehringer would make a cash payment to Sanofi of €4.7bn.
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The family-owned German pharma dates back to 1885 and tries to keep up with its publicly traded peers by not mimicking everything they do, but with a “value by innovation” focus.
While leading large pharma with seven out-licensing or divestiture deals apiece during 2018, AstraZeneca and Novartis each slowed their pace somewhat. But several peer companies followed suit, as there were 31 such deals among the 20 largest biopharma firms last year.
During third-quarter earnings report, Brandicourt said he remains confident about Sanofi's prospects in oncology despite losing the takeover fight for Medivation, although he didn't rule out another mid-sized bolt-on attempt if the opportunity arose.