Audio clip
Robert Long
With its acquisition by French drugmaker Sanofi-Aventis a done deal, a Chattem official says it's on "a full-court press" to start marketing and distributing allergy drug Allegra.
Also, Chattanooga-based Chattem is prepping to sell more of its lineup of consumer products in new markets internationally where Sanofi-Aventis already has a distribution network, said Robert Long, Chattem's chief financial officer.
In addition, he said Chattem's expansion on South Broad Street is moving ahead. As many as 60 workers will be hired this year.
"We are making good progress," he said. "Everything is full steam ahead."
On Thursday, Paris-based Sanofi-Aventis said it has finalized its $1.9 billion cash acquisition of 130-year-old Chattem, which becomes the French company's consumer health care division in the United States.
Christopher A. Viehbacher, Sanofi-Aventis chief executive officer, said Chattem's existing sales, marketing and distribution teams and infrastructure provide "a tremendous platform" for future conversions of prescription medicines to over-the-counter products in the U.S., such as Allegra.
"I am confident that Chattem will maximize the success of those conversions," he said in a statement.
Zan Guerry, Chattem's CEO, said the buyout creates substantial benefits for employees, customers and the city.
CHATTEM EXPANSION
Consumer products maker Chattem Inc. is undertaking the biggest building expansion in its history with a new $35.5 million facility off South Broad Street. The company plans to add up to 70 jobs, which would bring its employee headcount to about 500 in the city.
"The entire Chattem team is excited to serve as the base for Sanofi-Aventis' U.S. consumer health care business and looks forward to capturing the significant growth opportunities," he said.
Chattem's common stock ceased trading on the Nasdaq Global Select Market on March 3.
Mr. Guerry will lead Sanofi-Aventis' American consumer health care business and report to Greg Irace, CEO of Sanofi-Aventis U.S., the company said.
Sanofi-Aventis' stock closed Thursday at $38.19 per share, down 8 cents, or 0.21 percent.
Mike Pare, the deputy Business editor at the Chattanooga Times Free Press, has worked at the paper for 27 years. In addition to editing, Mike also writes Business stories and covers Volkswagen, economic development and manufacturing in Chattanooga and the surrounding area. In the past he also has covered higher education. Mike, a native of Fort Lauderdale, Fla., received a bachelor’s degree in communications from Florida Atlantic University. he worked at the Rome News-Tribune before ...
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