Sanofi Chief Executive Says U.s. Acquisition Isnt A Certainty
“Sanofi has to have a strong presence in the U.S. but that doesnt necessarily mean an acquisition,” Viehbacher said in an interview yesterday from Seattles Pacific Health Summit, an annual gathering focused on tuberculosis this year.
The drugmaker on June 11 denied a report in French daily Les Echos saying shareholders including LOreal SA and Total SA blocked a U.S. acquisition that would have cost Sanofi “dozens of billions of dollars.” Viehbacher considered various targets, including Amgen Inc., Les Echos reported, without saying where it obtained the information.
Sanofis denial of that report “is absolutely rock solid,” Viehbacher said in the telephone interview.
The 49-year-old executive, who joined Paris-based Sanofi on Dec. 1, has been seeking deals to find new products to overcome generic competition to drugs that make up about 20 percent of revenue. He has focused on smaller purchases so far, while rivals Pfizer Inc. and Merck & Co. sought larger deals. Viehbacher has not ruled out a major transaction, though.
Pfizer, the worlds biggest drugmaker, agreed to buy Wyeth for about $68 billion on Jan 26. Merck on March 9 said it planned to purchase Schering-Plough Corp. for $41.1 billion.
In April, Sanofi announced the acquisition of Laboratorios Kendrick of Mexico, which makes generic painkillers and allergy pills, and the $680 million takeover of Brazils Medley SA. It also agreed to buy closely held BiPar Sciences Inc., of Brisbane, California, gaining technology that may help it develop new cancer treatments.
Not Crucell
Viehbacher said his policy toward purchases hasnt changed. “You can look at large acquisitions but theyve got to create value,” he said.
Viehbacher said he remains committed to expanding Sanofis vaccine business, either through takeovers or internal growth.
“Well look” at acquisitions, “but organic growth also is an opportunity” for the vaccine business, in particular thanks to its “strong footprint in Asia,” he said. Sanofi is targeting “double-digit” growth in vaccines sales in Asia, Viehbacher said.
The Sanofi chief denied interest in buying Dutch vaccine maker Crucell NV, which was cited as a possible target earlier this year. Sanofi has partnerships with Leiden-based Crucell.
Viehbacher also said he expects the U.S. Food and Drug Administration to approve its Multaq heart drug this quarter. Multaq is a medicine to treat atrial fibrillation, a rapid and irregular beating in the hearts upper chambers that affects an estimated 2.5 million Americans. A decision by the FDA on Multaq “is imminent,” he said.