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Sanofi-Aventis to Buy Chattem for $1.9B

The transaction price of $93.50 is a premium of 34% over Chattem's closing stock price on Friday.

PARIS (

TheStreet

) --

Sanofi-Aventis

(SNY) - Get Report

agreed to buy

Chattem

(CHTT)

for $93.50 a share, or $1.9 billion.

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The transaction price is a premium of 34% over Chattem's closing stock price of $69.98 on Friday.

Chattem's brands include Gold Bond, Icy Hot, Selsun Blue and Unisom.

Sanofi-Aventis said Monday it also plans to seek to convert its antihistamine brand Allegra in the United States from a prescription medicine to an over-the-counter product. Chattem will assume responsibility for the Allegra brand once the conversion is completed.

>>See our new stock quote page.

-- Reported by Joseph Woelfel in New York.

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