Sanofi is selling its European generics business to Advent International for approximately €1.9 billion, as part of a continued effort to focus on its core areas of global medicines and emerging markets, specialty care and diabetes and cardiovascular. The deal is expected to close 4Q18 and the new business will be called Zentiva. 

“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,” commented Advent’s managing directors Tom Allen and Cédric Chateau.

Sanofi’s chief executive officer, Olivier Brandicourt, had planned to sell the business back in 2015 as part of a refocusing effort. Since then, Sanofi also sold its animal health business Merial, purchased Boehringer Ingelheim’s consumer health assets, and acquired Ablynx and Bioverativ.

The company also plans to bolster smaller units: multiple sclerosis, oncology, immunology and consumer healthcare.