Sanofi offers EU concessions over Boehringer consumer healthcare deal

Sanofi offers EU concessions over Boehringer consumer healthcare deal

BRUSSELS – French drugmaker Sanofi (SASY.PA) has sought to address EU antitrust concerns over its proposed takeover of German peer Boehringer Ingelheim’s consumer health unit by offering concessions.

Sanofi submitted its proposal on July 13, according to a filing on the European Commission website, which did not provide details. It delayed its decision on the deal to Aug. 4 from July 20.

Drugmakers usually offer to sell overlapping assets, either those already on the market or those in the pipeline, to sooth competition worries.

The EU antitrust enforcer is now expected to seek feedback from rivals and third parties before deciding whether to accept the offer, demand more concessions or open a full investigation.

Sanofi’s bid for Boehringer’s consumer health unit with an enterprise value of 6.7 billion euros ($7.4 billion) is part of a $20 billion asset swap in which the German company will acquire its animal health arm.

The latter deal will be decided by the EU by July 28 after Boehringer also offered concessions.

(Reporting by Foo Yun Chee; Editing by Keith Weir)

Jul 19, 2016

http://www.reuters.com

July 20, 2016 / Pharma News