French drugmaker Sanofi-Aventis said Tuesday it completed its tender offer for shares of Chattem Inc., which makes Gold Bond skin products, Icy Hot pain relief packs, and Selsun Blue dandruff shampoo.
Sanofi-Aventis said 89.8 percent of Chattem shares were tendered, or about 18.6 million shares.
It offered to buy the Chattanooga, Tenn., company in December for $1.9 billion, or $93.50 per share. The remaining shareholders will receive the right to get $93.50 per share.
The deal is intended to expand Sanofi-Aventis' U.S. health care business and move it into over-the-counter products for the first time in the country.