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Sanofi, Advent Intl wrap up deal for Zentiva including Romanian ops

Sanofi, Advent Intl wrap up deal for Zentiva including Romanian ops Zentiva Romania

BUCHAREST (Romania), October 1 (SeeNews) - Zentiva Romania [BSE:SCD] said on Monday its majority shareholder Sanofi has finalised the sale of its European generics business Zentiva, including operations in Romania, to global private equity fund Advent International.

"Today marks generics manufacturer Zentiva’s first day as an independent organisation, following completion of the company’s previously announced divestment from Sanofi," Zentiva Romania said in a press release.

The agreement is part of Zentiva's major divesting plan of its EU generic drugs business announced in 2016.

In Romania, Zentiva owns a generic drugs factory in Bucharest through Zentiva SA. The factory was built in 1962 as a state owned drug producer under the name Sicomed and listed on the Bucharest Stock Exchange, BVB in 1998. At the end of 2005, Zentiva acquired 75% of Sicomed.

Zentiva was trading 1.22% higher to 3.32 lei ($0.83/0.71 euro) on the BVB by 1317 CET.

Czech Republic based Zentiva N.V. is an international pharmaceutical company focused on developing, manufacturing and marketing modern generic pharmaceutical products. In 2009 it became the generic drug arm of French drug maker Sanofi.

It employs more than 2, 500 people across Europe and in its production sites in Prague and Bucharest.

Advent International is an American global private equity firm focused on buyouts of companies in Western and Central Europe, North America, Latin America and Asia

(1 euro=4.6596 lei)