Advent International enters into exclusive negotiations to acquire Zentiva, Sanofi's European generics business
April 17 2018 - 1:30AM
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Press Release
Source: Sanofi (EURONEXT: SAN) (NYSE: SNY) |
Advent International enters into exclusive negotiations to acquire
Zentiva, Sanofi's European generics business
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Advent to invest in Zentiva to create a new,
independent
European generics leader.
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Divestiture of European generics, a non-core
business, is part of Sanofi's strategy to simplify and reshape the
Company.
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Transaction anticipated before end of the year,
following consultation with Sanofi employees' representatives and
subject to customary closing conditions.
PARIS - 17 April 2018 - Advent International
("Advent") and Sanofi have entered into exclusive negotiations
under which Advent would acquire Zentiva, Sanofi's European
generics business for €1,9 billion(1). Advent's offer is
firm, binding and fully financed.
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. 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,"
said Olivier Brandicourt, Chief Executive Officer,
Sanofi.
"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" jointly commented Tom Allen, Managing Director and
co-head of Advent International's European Healthcare team and
Cédric Chateau, Managing Director and head of Advent International
in France.
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. This process will be conducted in full respect of
social dialogue with Sanofi employee representatives.
(1) 1,919 million euros Entreprise
Value
About Zentiva
Zentiva is an agile healthcare player providing reliable access
across Europe to a broad generics portfolio covering a multitude of
therapeutic areas. Headquartered in Prague, Zentiva reaches over 40
million patients in 25 European countries, operating throughout a
large marketplace with attractive levels of both short- and midterm
growth outlook. Zentiva stands apart with the expertise and agility
to tailor customer-centric solutions in the three European generics
market archetypes (pharmacy, physician and tender/wholesaler).
Zentiva's integrated value chain and pan-European commercial
footprint makes it one of the largest generics players in Europe.
Operating to the highest quality and safety standards, Zentiva's
flexible manufacturing facilities in Prague and Bucharest work with
partners to produce and distribute more than 350 million packs each
year.
About Advent International
Founded in 1984, Advent International is one of the largest and
most experienced global private equity investors. The firm has
invested in over 330 private equity transactions in 40 countries
and as of December 31, 2017, it had €35 billion in assets under
management. With offices on four continents, Advent has established
a globally integrated team of over 190 investment professionals
across North America, Europe, Latin America and Asia. The firm
focuses on investments in five core sectors, including business and
financial services; healthcare; industrial; retail, consumer and
leisure; and technology, media and telecom. After more than 30
years dedicated to international investing, Advent remains
committed to partnering with management teams to deliver sustained
revenue and earnings growth for its portfolio companies.
For more information, visit www.adventinternational.com
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About Sanofi
Sanofi is dedicated to supporting people through their health
challenges. We are a global biopharmaceutical company focused on
human health. We prevent illness with vaccines, provide innovative
treatments to fight pain and ease suffering. We stand by the few
who suffer from rare diseases and the millions with long-term
chronic conditions.
With more than 100,000 people in 100 countries, Sanofi is
transforming scientific innovation into healthcare solutions around
the globe.
Sanofi, Empowering Life
|
Media Relations Contact Jean-Baptiste
Froville
Tel. : +33 (0)1 53 77 46 46
mr@sanofi.com
Advent International Media Relations Contacts
FTI Consulting UK
Fergus Wheeler/Louisa Feltes
Tel.: +44 203 727 1000
adventinternational@fticonsulting.com
FTI Consulting France Astrid
Villette
Tel.:+33 (0) 1 47 03 69 51
adventfrance@fticonsulting.com
|
Investor Relations Contact George
Grofik
Tel.: +33 (0)1 53 77 45 45
ir@sanofi.com |
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and the ultimate outcome of such litigation, trends in
exchange rates and prevailing interest rates, volatile economic
conditions, the impact of cost containment initiatives and
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outstanding as well as those discussed or identified in the public
filings with the SEC and the AMF made by Sanofi, including those
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Forward-Looking Statements" in Sanofi's annual report on Form 20-F
for the year ended December 31, 2017. Other than as required by
applicable law, Sanofi does not undertake any obligation to update
or revise any forward-looking information or
statements.
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Source: Sanofi via Globenewswire
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