France: Biotechnology Sanofi to Sell European Generic-Drug Unit to Advent
Sanofi plans to sell its European generic-drug unit to buyout firm Advent International for $ 2.4 billion as part of a broader move by Chief Executive Officer Olivier Brandicourt to focus resources on biotechnology and new medicines.
Paris/France (Bloomberg) — Advent has made a binding and fully financed offer, and the companies are in exclusive negotiations, Paris-based Sanofi said in a statement Tuesday. The deal should close by the end of the year, it said.
Brandicourt has undertaken a series of transactions to shift Sanofi towards businesses with more potential for growth. The company has announced about $ 16 billion of deals this year, agreeing to buy Bioverativ to expand in hemophilia treatments and Ablynx to gain an experimental medicine for another rare bleeding disorder.
The French company isn’t the only drugmaker revamping its product offerings and pipeline to adjust to industry changes. Novartis also on Tuesday began a $ 8.7 billion cash offer for Avexis to gain at least one promising experimental drug for a rare and often fatal disease, using some of the $ 13 billion from selling its stake in a consumer-health joint venture. Glaxo Smith Kline has also been reviewing its portfolio, and is offloading its rare-disease division to a biotechnology company as treatment sales have flagged.