Beximco to acquire majority stake in Sanofi Bangladesh

Bangladesh's largest drugmaker Beximco Pharmaceuticals (AIM: BXP) has entered into a binding commitment with France’s Sanofi (Euronext: SAN) regarding the acquisition of a majority stake in Sanofi Bangladesh for a base-price consideration of around £35.5 million ($48.3 million).

The proposed transaction is subject to approval by the Foreign Exchange Investment Department of Bangladesh Bank and completing the Share Purchase Agreement. Beximco’s shares gained 5.3% to 99.00 pence by mid-morning London trading.

Sanofi Bangladesh has over 800 employees and produces around 100 branded generic products, in addition to importing and supplying vaccines, insulins and chemotherapy drugs. The group made a pre-tax profit of around £4.3 million in 2019.