Sanofi-Aventis will buy Merck‘s 50% interest in the companies’ animal health joint venture, Merial Limited, for $4 billion in cash. The price values Merial at 3 times its 2008 sales and 10.2 times itsearnings before interest and taxes (EBIT). In addition to the Merial agreement, Merck, SA and Schering-Plough announced the signing of a call option agreement. Following the closing of the Merck/Schering-Plough merger, SA will have the option to combine the Intervet/Schering-Plough A...