Mumbai (Maharashtra) [India], Sep 11 (ANI): The board of directors at biopharmaceutical major Sanofi India has approved a transaction for the slump sale and transfer of its manufacturing facility at Ankleshwar in Gujarat to Zentiva for a consideration of Rs 261.7 crore.
The Ankleshwar site is Sanofi's oldest manufacturing facility where brands like Combiflam, Allegra and Amaryl are made. The production of these iconic brands will now be moved to the company's Goa site and external manufacturing sites as well.
Established in 1987, the site has a chemistry and biotechnology development centre, and manufactures both intermediates and pharmaceutical formulations. A large producer of tablets, Sanofi's Ankleshwar site manufactures more than 600 crore tablets annually.
"Sanofi's long-term strategy is to focus on manufacturing Sanofi branded products," said Managing Director Rajaram Narayanan.
"Given that the two companies share similar values and commitment towards serving patients and their employees, the board of directors of Sanofi India approved this transaction in the long-term interest of all stakeholders," he said in a statement on Wednesday.
In 2018, as part of a global transaction, Zentiva -- which was Sanofi's European generics business -- was sold to Advent International, the Boston-based private equity firm focused on buyouts of companies in western and central Europe, North America, Latin America and Asia.
Advent has been investing in India since 2007.