NEW YORK (AP) -- Regulators have cleared Sanofi-Aventis' $1.9 billion purchase of Gold Bond skin products maker Chattem Inc., the French drugmaker said Tuesday.
Sanofi-Aventis said a mandatory Federal Trade Commission review period has ended. The company agreed to buy Chattem in December for $93.50 per share, gaining products like Icy Hot pain relief creams and Selsun Blue shampoo. Sanofi-Aventis' tender offer for Chattem shares is scheduled to expire Feb. 8.
The deal expands will expand Sanofi's consumer health care business in the U.S. and give it control of its first over-the-counter products in the country. That could help strengthen revenue over the next few years and protect the company against weaker sales of its blood thinner Plavix. Plavix sales are expected to fall after generic competition reaches the market in 2012.
Chattem is based in Chattanooga, Tenn., and makes about two dozen products. Chattem's marketing division will handle sales of Sanofi-Aventis' allergy drug Allegra after the deal is complete.
In morning trading, Sanofi-Aventis stock rose 8 cents to $37.98, and Chattem shares rose 6 cents to $93.33.
