Sanofi-Aventis buys Symbion of Australia

France-based pharmaceutical major Sanofi-Aventis revealed that it has entered into a binding agreement with Primary Health Care Limited to acquire Symbion CP Holdings Pty Limited in Australia. Symbion Consumer manufactures, markets and distributes nutraceuticals (vitamins and mineral supplements) and over-the-counter brands throughout Australia and New Zealand. Symbion Consumer, according to the French company, has a strong portfolio of premium brands in this sector, including Natures Own, Cenovis, Bio-organics, Golden Glow and Microgenics.

Symbion Consumer sales amounted to around A$190.0 million ($181.6 million) in 2007. The company is the sector leader, with an estimated 21% market share. The transaction is valued at some A$560.0 million. Its completion, subject to certain conditions, is expected to occur on August 31 this year.

"The purchase of Symbion Consumer provides Sanofi -Aventis in Australia with a market share in a rapidly-growing category," declared Olivier Charmeil, senior vice president, pharmaceutical operations, Asia Pacific, of the drug major. "The acquisition will sustain Sanofi-Aventis Australia growth through products portfolio widening, increased pharmacy presence and access to new channels, and will create strong synergies with our existing pharmaceutical activities," he added.