Pharma BD Deal Intelligence

Sanofi S.A. / Boehringer Ingelheim GmbH (consumer healthcare business swap)

2016 · Asset Purchase · $25.1B · Complete

Sanofi and Boehringer Ingelheim signed definitive agreements for a EUR 22.8B (~$25.1B) business swap: BI acquired Sanofi's Merial animal health business (EV EUR 11.4B / ~$13.5B) and Sanofi acquired BI's consumer healthcare business (EV EUR 6.7B / ~$8.0B) plus EUR 4.7B (~$5.5B) cash. Closed in most markets January 1, 2017. Strategic intent: Sanofi to lead in OTC consumer health, BI to become #2 in animal health.

Did it work? Outcome assessment

Assessment window: 5yr post-close.

Key facts

• Announced Jun 27, 2016
• Closed Jan 01, 2017
• Deal value $25.1B
• Deal type Asset Purchase
• Therapeutic area Animal health (Merial); consumer healthcare (BI CHC)
• Indications Animal health (Merial); consumer healthcare (BI CHC)
• Key assets Sanofi's Merial animal health business (transferred to BI) in exchange for BI's consumer healthcare (CHC) business plus EUR 4.7B cash to Sanofi
• Mechanism Multiple (animal health products and OTC consumer brands)

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