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Sanofi-aventis to Acquire Chattem Inc., Creating a Strong U.S. Consumer Healthcare Platform
Date:12/21/2009

bove the average closing price of Chattem's shares during the 6 months preceding the announcement of the transaction. The tender offer is conditioned on the tender of a majority of Chattem's shares calculated on a diluted basis, as well as the receipt of certain regulatory approvals and other customary closing conditions. Following the successful completion of the tender offer, a wholly owned subsidiary of sanofi-aventis will merge with Chattem and the outstanding Chattem shares not tendered in the tender offer will be converted into the right to receive the same $ 93.50 per share in cash paid in the tender offer. The tender offer will commence in January 2010 and the companies anticipate the transaction will close in the first quarter of 2010. Chattem's Board of Directors has unanimously approved the transaction.

The transaction is expected to be accretive to sanofi-aventis' earnings as early as year one. This acquisition will allow sanofi-aventis to optimize and retain the full value of the Allegra® switch to an OTC product. Also, significant revenue synergies should be obtained through the expansion of Chattem's products into geographic markets where sanofi-aventis has a strong operating presence, particularly in emerging markets.

Zan Guerry and the senior leadership team of Chattem have agreed to lead sanofi-aventis' U.S. consumer health division following the close of the transaction. Additionally, sanofi-aventis is committed to Chattem's current operations and entrepreneurial spirit as it builds a sizeable presence in the U.S. consumer healthcare market. Sanofi-aventis announced it would maintain both of Chattem's existing manufacturing facilities and will continue construction on the third. The corporate brand of Chattem will also be maintained.

For additional information on the transaction, please visit the following Web site:


SOURCE Sanofi-aventis
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