Company Watch

Sanofi-aventis to acquire Australia's Symbion Consumer

Our News Bureau - Mumbai

Recently, Sanofi-aventis entered into a binding agreement with Primary Health Care for acquiring Symbion CP Holdings in Australia. The transaction is valued at A$560 million. Its completion, subject to certain conditions, is expected to occur on 31 August 2008.

Symbion Consumer manufactures markets and distributes nutraceuticals (vitamins and mineral supplements) and OTC brands throughout Australia and New Zealand. It has a strong portfolio of premium brands including Natures Own, Cenovis, Bio-organics, Golden Glow and Microgenics.

The company's sales amounted to around A$190 million in 2007. Symbion is the market leader, with an estimated 21 percent market share.

"The purchase of Symbion Consumer provides Sanofi-Aventis in Australia with a leading market share in a rapidly growing category," declared Olivier Charmeil, Senior Vice President, Pharmaceutical Operations, Asia Pacific, Sanofi-Aventis. "The acquisition will sustain Sanofi-Aventis' Australia growth through products portfolio widening, increased pharmacy presence and access to new channels, and will create strong synergies with our existing pharmaceutical activities. Additionally, this acquisition will represent for Sanofi-Aventis a platform to launch a nutraceutical offering throughout the Asia/Pacific region," he concluded.