Sanofi ($SNY) has apparently struck a deal to buy some piece or pieces of Johnson & Johnson's ($JNJ) McNeil unit. As Bloomberg reports, the two companies have won antitrust approval for the deal--whatever it is.
McNeil makes and sells a variety of over-the-counter drugs and consumer health products, and Sanofi has been building up its consumer business as part of its overall diversification plan. The French drug maker bought U.S.-based Chattem in 2010 to expand its presence in the U.S. market. So, if Sanofi picks up OTC meds or other consumer health lines from McNeil, that could complement its Chattem offerings.
Whichever assets are slated to change hands, they don't include McNeil Consumer Healthcare's plant in Fort Washington, PA. The plant, which has been operating under FDA oversight per a consent decree, will still be McNeil's to fix, The Philadelphia Inquirer reports.
Special Report: Johnson & Johnson, McNeil Consumer Healthcare - Fierce's 2012 Top 10 FDA Red Flags