Linklaters, Fried Frank Advise On Sanofi, Merck Deal

By Abigail Rubenstein

Law360, New York (March 09, 2010, 5:10 PM ET) -- Sanofi-Aventis SA and Merck & Co. Inc. have announced that they will combine their animal health businesses, each valued at around $8 billion, with Sanofi-Aventis exercising a call-option agreement the companies signed when Merck shed its stake in a subsidiary to allay antitrust concerns over its merger with Schering-Plough Corp.

The deal, announced on Monday, combines Sanofi-Aventis' Merial with Intervet/Schering-Plough, Merck’s animal health business, to create a new joint venture equally owned by the two companies.

The enterprise value of Merial has been fixed at $8...
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