Exchange of business assets

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Sanofi and Boehringer Ingelheim entered into exclusive negotiations to exchange the Sanofi animal health business (“Merial”) and Boehringer Ingelheim consumer healthcare (CHC) business. Boehringer Ingelheim CHC business in China would be excluded from the transaction.

The deal, which would also include a gross cash payment from Boehringer Ingelheim to Sanofi of €4.7 billion. According to Sanofi, the operation would allow the company to become the first player in CHC, with expected pro forma sales of approximately €5.1 billion in 2015 and a global market share close to 4.6%. Sanofi should improve its position in Germany and Japan and gain access to important brands in antispasmodics, gastrointestinal, VMS and analgesics, and attain critical mass in the cough & cold area.

The combination of Merial’s and Boehringer Ingelheim’s complementary strengths would create the second largest player in the global animal health market, with the ability to compete for global market leadership

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