Sanofi Aventis Bids $2.56 Billion For Czech-Based Generics Maker Zentiva

Jun 19, 2008 (financialwire.net via COMTEX) -- SNY | Quote | Chart | News | PowerRating -- June 19, 2008 (FinancialWire) Sanofi-Aventis SA (NYSE: SNY | Quote | Chart | News | PowerRating) said that it is planning a takeover bid for Czech-based generic drug maker Zentiva that values the company at $2.56 billion.

Sanofi-Aventis, which already owns about 25 percent of Zentiva, said its cash offer of $67.54 per share eclipses. The company has cited a strong strategic rationale for the Zentiva deal and said the two companies have overlapping markets.

Sanofi-Aventis said its bid came at a 14.6 percent premium to Zentiva's closing price on April 30, the last day before PPF disclosed its cash offer.

Sanofi-Aventis, maker of blood thinner Lovenox and anti-clotting drug Plavix, faced a setback last year when U.S. authorities rejected its weight-loss pill Acomplia because of possible suicide risks. The drug has been approved for use in Europe, and for restricted use in Britain.

Zentiva makes and sells generic drugs in Central and Eastern Europe, including products for pain, cardiovascular diseases and disorders of the central nervous system. In March, it agreed to buy a majority stake in the generic drug business of Turkey's Eczacibasi.

FinancialWire" is a fully independent, proprietary news wire service of Investrend Information (a division of Investrend Communications, Inc.). FinancialWire" news is written by professional journalists, dedicated to pure journalistic standards. FinancialWire" does not receive or accept any compensation from any individual or subject company (or representative thereof) for its news or opinions. All FinancialWire" news is available at http://www.financialwire.net . Please address any inquiries to feedback@financialwire.net .

Free annual reports for companies mentioned in the news are available at http://investrend.ar.wilink.com/?level=279 .

http://www.financialwire.net

More News:   Market Updates | Stock Alerts | All Trading News | Stock Index