- Sanofi-aventis to double its consumer health care business in Canada -
Sanofi-aventis (EURONEXT: SAN and NYSE: SNY) announced today that it has entered into a definitive agreement under which an affiliate of sanofi-aventis Canada Inc. is to acquire the assets of Canderm Pharma Inc. (Canderm), a privately-held leading Canadian skin care company. This agreement is consistent with the sanofi-aventis Group's global strategy to expand its consumer health care (CHC) growth platform and follows on the heels of the Group's acquisition of the North American CHC company Chattem Inc. in March 2010.
This transaction will allow sanofi-aventis to consolidate its dermatology portfolio under the Canderm umbrella to create a Canadian leader in medical dermatology, and to double its consumer health care sales in Canada. Canderm annual sales reached CDN $24 million in 2009, or approximately 10% of the non-prescription anti-ageing skin care market in Canada.
"The acquisition of the business of Canderm fits perfectly with our strategy of becoming a diversified health care company and is yet another important step in our strategy to build a sustainable long-term business model," said Hugh O'Neill, President and CEO of sanofi-aventis Canada. "It also offers new opportunities, as we plan to consolidate our dermatology portfolio under the Canderm umbrella to create a Canadian leader in medical dermatology."
Founded in 1972 by the Vogel family, Canderm is Canada's leading independent skin care company and is recognized as one of the country's success stories in retail skin care. The company's product range includes leading cosmeceuticals and physician-recommended dermatological products, such as NeoStrata(R) and CliniDerm(R), physician-practiced cosmetic procedures and injectable dermal fillers, as well as over-the-counter products. NeoStrata(R) products are sold in drugstores across Canada and are the dermatological solution of choice for healthy, younger-looking skin. CliniDerm(R) is a dermatologist-recommended line of irritant-free products for sensitive skin.
"We're proud to be part of the next chapter in the history of a successful family-grown company," said Barry Vogel, President of Canderm. "I am excited to work with the sanofi-aventis team to capture the significant growth opportunities this combination will create. Our competitiveness in the consumer health care market will be further strengthened by our new home within the sanofi-aventis Group."
The Canderm business will continue to operate from its current location in the Montreal borough of Saint-Laurent.