Sanofi, Boehringer swapping assets

Sanofi (Euronext:SAN; NYSE:SNY) is to exchange its Merial animal health unit for the consumer healthcare business of Boehringer Ingelheim GmbH (Ingelheim, Germany) in an asset swap. The deal excludes Boehringer's consumer healthcare business in China.

The companies said Merial's enterprise value is EUR 11.4 billion ($12.6 billion), while Boehringer's consumer healthcare business has an enterprise value of EUR 6.7 billion ($7.4 billion). Boehringer will pay Sanofi EUR 4.7 billion ($5.2 billion) in cash to account for the difference. ...