French drugmaker Sanofi Aventis will pay $1.9bn (€1.3bn) for OTC firm Chattem, according to a statement released yesterday.
Sanofi said the Chattem acquisition, expected to close early next year, will expand its presence in the consumer healthcare sector and provide it with a way of converting some of its prescription products to over the counter (OTC) drugs.
Drops insomnia and atrial fibrillation candidates
In other news, Sanofi said it will withdraw marketing applications for its Phase III insomnia treatment candidate eplivanserin after the US Food and Drug Administration (FDA) asked for "significant further clinical development." The epivanserin dossier will also be withdrawn from review by the European Medicines Agency (EMEA)
In addition, the Parisian company will halt development of its candidate atrial fibrillation drug idrabiotaparinux, also in Phase III trials, because data suggest that the compound does not provide significant benefits.