Sanofi in talks to sell generics unit for €1.9bn
France-based Sanofi has confirmed it is in negotiations to sell its European generics business Zentiva for €1.9 billion ($2.4 billion) to private equity firm Advent International.
On Tuesday, April 17, Sanofi said it expected the deal to be completed before the end of the year and that Advent’s offer is binding and fully financed.
Olivier Brandicourt, CEO of Sanofi, said that following a comprehensive review of its options, Sanofi determined that transferring the business to Advent was the best option to ensure its long-term success.
“Zentiva is a robust business with a highly talented workforce and we believe it has demonstrated its potential for growth,” he added.
Tom Allen, managing director and co-head of Advent’s European healthcare team, and Cédric Chateau, managing director and head of Advent in France, said: “We have long been attracted to the generics pharmaceutical sector as it enables more people to access high-quality treatments by lowering their cost.”
In late January, Sanofi said it planned to acquire biotech firm Ablynx for approximately €3.9 billion ($4.8 billion).
Just days before, the France-based company revealed plans to acquire Bioverativ, a US-based biotech company focused on haemophilia treatments.
Late last year, Sanofi presented key updates to its research and development (R&D) strategy, outlining three key shifts.
The changes comprise moving from licensing to proprietary assets, from small molecules to biologics, and from mono-targeting to multi-targeting compounds.
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