Sanofi, Boehringer discussing asset swap

Sanofi (Euronext:SAN; NYSE:SNY) and Boehringer Ingelheim GmbH (Ingelheim, Germany) have begun exclusive negotiations for an asset swap in which Sanofi would exchange its Merial animal health unit for Boehringer's consumer healthcare (CHC) business. The deal would exclude Boehringer's CHC business in China.

The companies said Merial's enterprise value is EUR 11.4 billion ($12.5 billion), while Boehringer's CHC business has an enterprise value of EUR 6.7 billion ($7.3 billion). Boehringer would pay Sanofi EUR 4.7 billion ($5.1 billion) in the proposed deal. ...