04.17.18
Advent International and Sanofi have entered into exclusive negotiations under which Advent would acquire Zentiva, Sanofi's European generics business for approximately $2.4 billion.
Advent is a global investor, with over 25 years' experience of investing in the healthcare sector. It has extensive experience of executing corporate carve-outs and will work collaboratively with Sanofi to form a new independent operation. Advent will support the Zentiva management team to invest in the company's operations, production facilities and R&D pipeline.
"Zentiva is a robust business with a highly talented workforce and we believe it has demonstrated its potential for growth," said Olivier Brandicourt, chief executive officer, Sanofi. "Following a comprehensive review of strategic options for our generics unit in Europe, we have determined that transferring this business to Advent is the best option to ensure its long-term success."
In a joint comment, 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 generic pharmaceutical sector as it enables more people to access high quality treatments by lowering their cost. 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 transaction is expected to close by the end of 2018, subject to finalization of definitive agreements, completion of the appropriate social processes and approval of relevant regulatory authorities.
Advent is a global investor, with over 25 years' experience of investing in the healthcare sector. It has extensive experience of executing corporate carve-outs and will work collaboratively with Sanofi to form a new independent operation. Advent will support the Zentiva management team to invest in the company's operations, production facilities and R&D pipeline.
"Zentiva is a robust business with a highly talented workforce and we believe it has demonstrated its potential for growth," said Olivier Brandicourt, chief executive officer, Sanofi. "Following a comprehensive review of strategic options for our generics unit in Europe, we have determined that transferring this business to Advent is the best option to ensure its long-term success."
In a joint comment, 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 generic pharmaceutical sector as it enables more people to access high quality treatments by lowering their cost. 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 transaction is expected to close by the end of 2018, subject to finalization of definitive agreements, completion of the appropriate social processes and approval of relevant regulatory authorities.