Sanofi agrees 1.9 billion-euro sale of European generics business

Having announced in April that it is discussing the sale of Zentiva, French pharma major Sanofi (Euronext: SAN) says it has now concluded negotiations for the acquisition of its European generics business, by Advent International and the companies have signed a Share Purchase Agreement worth 1.9 billion euros ($2.2 billion; enterprise value).

The signing of this Share Purchase Agreement marks a critical step on the way to the closing of the deal and the transfer of the Zentiva business to private equity investor Advent, that is anticipated during the course of the fourth quarter of 2018.

Sanofi acquired Zentiva in 2009 at a cost of 1.8 billion euros ($2.3 million at then exchange rates).