Sanofi to unload European generics business
Sanofi and Advent International are negotiating the sale of Sanofi’s European generics business Zentiva to the global investment company for €1.9 billion. Advent’s fully financed offer would support Zentiva’s management team to invest in operations, production facilities and research and development capabilities, the companies said.
“Zentiva is a robust business with a highly talented workforce and we believe it has demonstrated its potential for growth,” Sanofi CEO Olivie Brandicourt said. “Following a comprehensive review of strategic options for our generic unit in Europe, we have determined that transferring this business to Advent is the best option to ensure its long-term success.”
Sanofi said that Zentiva is not part of its core business, and the sale is part of its strategy to simplify and reshape the company.
“We have long been attracted to the generics pharmaceutical sector as it enables more people to access high quality treatments by lowering their cost,” said Advent managing director and co-head of its European healthcare team Tom Allen and Advent managing director Cédric Chateau. “We believe that Zentiva is a great platform, full of talented people, who we can invest behind to build a new, independent, European generics leader.”
The companies said they expect the transaction to close by the end of 2018, pending finalization of agreements and regulatory approval.
“Zentiva is a robust business with a highly talented workforce and we believe it has demonstrated its potential for growth,” Sanofi CEO Olivie Brandicourt said. “Following a comprehensive review of strategic options for our generic unit in Europe, we have determined that transferring this business to Advent is the best option to ensure its long-term success.”
Sanofi said that Zentiva is not part of its core business, and the sale is part of its strategy to simplify and reshape the company.
“We have long been attracted to the generics pharmaceutical sector as it enables more people to access high quality treatments by lowering their cost,” said Advent managing director and co-head of its European healthcare team Tom Allen and Advent managing director Cédric Chateau. “We believe that Zentiva is a great platform, full of talented people, who we can invest behind to build a new, independent, European generics leader.”
The companies said they expect the transaction to close by the end of 2018, pending finalization of agreements and regulatory approval.