According to the company, the acquisition forms part of its efforts to expand its global consumer healthcare footprint, and will allow it to double its Canadian sales in this market.
“The acquisition of the business of Canderm fits perfectly with our strategy of becoming a diversified health-care company and is yet another important step in our strategy to build a sustainable, long-term business model,” said president and CEO of Sanofi-Aventis Canada, Hugh O’Neill.
Share of Canada anti-aging skincare market
Canderm reported sales of CDN $24m (USD $23.3m) in 2009 – approximately a 10 percent share of the country’s non-prescription anti-aging skin care market, said Sanofi.
The company’s skin care portfolio includes NeoStrata, which is sold in drugstores throughout Canada, and CliniDerm, a line of irritant-free products for sensitive skin.
The deal has been agreed through Sanofi’s Canadian affiliate, Sanofi-Aventis Canada, although financial terms were not disclosed. Canderm will continue to operate from its location in the Montreal borough of Saint-Laurent, it was said in a statement.
Sanofi increasing footprint in personal care
Sanofi recently completed the acquisition of US-based Chattem for $1.9bn, which created the fifth largest consumer goods company in the world by revenues, as well as giving the company increased leverage in the US market.
In addition, last month the company announced its purchase of Polish dermocosmetics and pharmaceuticals manufacturer, Nepentes, for € 1.5m.
Nepentes' core focus is pharmacy dermocosmetics, and its products include the Iwostin and Emolium brands.
At the time of the announcement, Sanofi said it was aiming to consolidate its position in Central and Eastern Europe and extend Nepentes’ product lines outside of Poland.
Nepentes, which has affiliates in Bulgaria and Romania, recorded sales of PLN 134.9 million (€32.5m) in 2009, with eighty five percent of this total coming from domestic sales.