(December 22, 2009, Weil Gotshal News)
French pharmaceutical company Sanofi-Aventis SA has announced its agreement to purchase US healthcare company Chattem Inc. for approximately $1.9 billion in cash. Weil, Gotshal & Manges, led by partner Michael Aiello, is advising Sanofi-Aventis.
Chattem, based in Chattanooga, Tennessee, manufactures consumer healthcare products such as Gold Bond skin care products and Icy Hot pain relief medicine. The transaction will create the world's fifth largest consumer healthcare company. Sanofi-Aventis plans to launch its $93.50 per share tender offer in January and expects to complete the acquisition in the first quarter of 2010.
Marking his third transaction within the last seven days, Corporate partner Michael Aiello led the Weil Gotshal deal team, with associates William Welty, Joshua Peck, Jennifer Tsai and Jenna Schaeffer. All attorneys are in the firm's New York office.
Aiello's "hat trick" of public company deals represents an aggregate of more than $4 billion. In addition to advising Sanofi-Aventis, Aiello led the deal team advising Cedar Fair in its $2.4 billion acquisition by Apollo Global Management and Abbott Laboratories in its $123 million cross-border acquisition of STARLIMS Technologies Ltd.