Advent agrees to buy Sanofi’s European generics unit
Private equity investor Advent International has agreed to acquire France-based Sanofi's European generics business Zentiva.
Sanofi said yesterday, June 28, that Advent will purchase Zentiva for €1.9 billion ($2.4 billion).
The companies expect the deal to be completed during the fourth quarter of the year, although the transaction remains subject to the approval of regulatory authorities.
Czech Republic-based Zentiva focuses on developing, manufacturing and marketing generic drugs. According to Sanofi, it reaches over 40 million patients in 25 European countries.
Sanofi confirmed in April that it was in negotiations to sell Zentiva to Advent.
At the time, Sanofi CEO Olivier Brandicourt said that the company had determined that selling its European generics business would be the best option to ensure Zentiva’s long-term success.
He added: “Zentiva is a robust business with a highly talented workforce and we believe it has demonstrated its potential for growth.”
Earlier this year, Sanofi revealed plans to acquire US-based biotech company Bioverativ, which focuses on haemophilia treatments, for $11.6 billion.
This news was followed by the announcement that Sanofi also plans to acquire biotech firm Ablynx for approximately €3.9 billion (€4.8 billion).
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