CCI approves Sanofi-Boehringer asset swap

New Delhi: India’s antitrust regulator on Monday approved swapping of the animal health and consumer healthcare businesses between French drugmaker Sanofi and Germany-based Boehringer Ingelheim GmbH (BI)– a deal worth $25 billion.

The approval by the Competition Commission of India (CCI) is part of the local regulatory clearances required for the global asset swap between the two companies announced in June. Sanofi is set to acquire BI’s global consumer healthcare–or non-prescription drugs–business (except that in mainland China) and BI will take over the French company’s animal health unit Merial.

The asset swap between the two companies is set to make Sanofi the global leader in the sale of over-the-counter medicines, with 4.6% of the world’s consumer healthcare market.

Also Read: Sanofi aims for top spot in consumer health via asset swap

The CCI posted its decision to approve the swap on Twitter on Monday evening. A copy of the order was not yet available on the CCI.

Sanofi’s India-based business extends to pharmaceuticals, human vaccines and animal health. BI, through its Indian subsidiary, operates in the areas of prescription medicine, consumer health care, animal health and clinical operations.

The two companies had informed the CCI in their submissions that the transaction would not adversely affect competition in the country. Sanofi and BI approached the CCI in July giving notice of the proposed transfer and swap of assets.