FRENCH FIRM GOES AFTER FISONS
By Adnews Staff
The French-based drug company Rhone-Poulenc Rorer announced an unfriendly takeover bid for British-based Fisons PLC on Friday. Fisons in Canada said the offer had been rejected by CEO Stuart Wallace, but would provide no other details, saying statements must come from Wallace's office in Britain. Rhone-Poulenc values its offer at $2.6 billion(US). "The combination of Fisons' pharmaceutical business with RPR would create the fourth largest company worldwide in asthma/allergy medicine which is one of our selected therapeutic fields," says Rhone-Poulenc president Michel de Rosen in a release. According to de Rosen, Fisons needs his company: "Fisons' strategy as an independent marketing entity with no research capability will not produce sustainable growth. For RPR shareholders the combination would increase our competitive mass through a more comprehensive product portfolio in asthma/allergy and an improved geographic presence." Rhone-Poulenc points out that asthma and allergy products make up the bulk of Fisons' sales. While it sold off most of its research operations this year, Fisons is still developing respiratory products. Fisons' ad agency in Canada is Jeff Simbrow & Associates in Toronto. Rhone-Poulenc has Sudler & Hennessey/Gall in Montreal.