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6 December 2016

Sayenko Kharenko – legal counsel on obtaining merger clearance for Boehringer Ingelheim’s asset swap transaction with Sanofi

Sayenko Kharenko's antitrust team has provided legal assistance in obtaining merger clearance with the Antimonopoly Committee of Ukraine (the "AMC") for the EUR 22.8 billion acquisition of Sanofi’s animal health (AH) business (“Merial”) by Boehringer Ingelheim through an asset swap in exchange for Boehringer Ingelheim’s consumer healthcare (CHC) business. The transaction is expected to close in Q4 2016, subject to appropriate regulatory approvals globally.

The transaction would allow Sanofi to become a global leader in consumer healthcare. Whereas combining Merial’s and Boehringer Ingelheim’s complementary strengths would create the second largest player in the global animal health market.

Boehringer Ingelheim is one of the world’s 20 leading pharmaceutical companies. Headquartered in Ingelheim, Germany, it operates globally through 146 affiliates and a total of more than 47,700 employees. The focus of the family-owned company, founded in 1885, is researching, developing, manufacturing and marketing new medications of high therapeutic value for human and veterinary medicine. Boehringer Ingelheim Consumer Healthcare is the eighth largest consumer healthcare business in the world.

Sanofi, a global healthcare leader, discovers, develops and distributes therapeutic solutions focused on patients' needs. Sanofi is organized into five global business units: Diabetes and Cardiovascular, General Medicines and Emerging Markets, Sanofi Genzyme, Sanofi Pasteur and Merial. Merial is a world-leading, innovation-driven animal health company. It has three main business areas: pets, farm animals, and veterinary public health. Its pharmaceuticals and vaccines target more than 200 diseases and conditions across a variety of species. Merial employs 6,900 people and operates in more than 150 countries worldwide.

After examining the proposed transaction, the AMC has concluded that its implementation poses neither threat to competition nor significantly limits competition on any product market in Ukraine.

Sayenko Kharenko’s competition team advising on the project included counsel Maksym Nazarenko, associates Julia Kuyda and Igor Pomaz, and was led by partner Vladimir Sayenko.

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