In two separate press statements, Sanofi announced it has concluded its business swap with Boehringer Ingelheim, and has also closed its European vaccines joint venture with MSD (Merck & Co.).
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The French pharma giant confirmed that the strategic transaction signed in June 2016, which consists of an exchange of Sanofi's animal health business (Merial) and Boehringer Ingelheim's consumer healthcare (CHC) business, has been successfully closed in most markets on January 1st 2017.
The swap was initiated with negotiations between the two groups back in December 2015. The closing of the acquisition of Merial in Mexico and the Merial and CHC swap in India have been delayed pending receipt of certain regulatory approvals but both are expected to close early 2017.
Olivier Brandicourt, M.D., Chief Executive Officer of Sanofi, stated: "With this successful closing of the business swap with Boehringer Ingelheim, Sanofi is building a strong and innovative CHC Global Business Unit. The integration of Boehringer Ingelheim's highly skilled CHC team and its well established products, allows Sanofi to enhance our positions in core strategic categories in a promising CHC market. Indeed this market serves the growing expectations of consumers to be more in control of their own health and wellness."
The Chairman of the Board of Managing Directors of Boehringer Ingelheim, Hubertus von Baumbach, said: "This important achievement is the result of a mutually beneficial agreement implemented in the spirit of a shared vision. Driven by the desire to serve the needs of our customer, and enabled by value of our innovative product portfolio, the combined strength of the two organizations will improve Boehringer Ingelheim's competitiveness in the Animal Health business segment that is so strategically important to our company. We are delighted to welcome the employees of Merial to our team."
Meanwhile, the decision to end the vaccine joint-venture between MSD and Sanofi Pasteur MSD (SPMSD) means that the two firms will “separately pursue their own vaccine strategies in Europe, integrating their respective European vaccines business into their operations”. The change in operations took effect January 1, 2017.