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Sanofi in talks to sell generics arm to Advent for $2.4 billion

Reuters  |  PARIS 

(Reuters) - French group is in exclusive talks to sell its European generics drugs arm to firm for 1.9 billion euros ($2.4 billion), the companies said on Tuesday.

said the sale was expected to be completed before the end of the year, and Advent's offer was binding and fully financed. The 1.9 billion euros price is an enterprise value, including equity and debt.

has been reshaping its in recent months, spending more than $16 billion to buy biotech company and specialist Bioverativ, but also selling off some assets.

Earlier this week, it sold some brands to Charterhouse Capital Partners' drugs manufacturing arm for 158 million euros.

"Following a comprehensive review of strategic options for our generics unit in Europe, we have determined that transferring this to Advent is the best option to ensure its long-term success," said in a statement.

The planned sale of began in October after spent more than a year carving out the division to create a stand-alone company that could be sold to one of its competitors or to an investment fund.

In February, sources told that firms Carlyle, and a consortium of and Nordic Capital, had been shortlisted to buy along with two industry players, Brazilian drugs firm and India's

operates in 50 markets and has a strong presence in Eastern Europe, particularly in the Czech Republic, and Its generic drugs portfolio includes cardiovascular and gastrointestinal drugs as well as painkillers and anti-inflammatory drugs based on ibuprofen and leflunomide molecules.

($1 = 0.8067 euros)

(Reporting by Matthias Blamont and Sudip Kar-Gupta; Editing by Jason Neely and Mark Potter)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, April 17 2018. 12:44 IST