Sanofi sells Gujarat site to Advent
Mumbai: Sanofi India sold its manufacturing facility at Ankleshwar in Gujarat to Advent International for Rs 262 crore. The board on September 10 approved the slump sale and transfer of its facility to Zentiva India, part of Advent, subject to customary working capital adjustments, according to a company statement.
In 2018, as part of a global transaction, Zentiva, which was Sanofi’s European generics business, was sold to Advent International. Following this, Zentiva continued to source products from Sanofi for its generics business, pursuant to a five-year supply agreement that expires in 2023.
The Ankleshwar site is Sanofi India’s oldest manufacturing facility where brands like Combiflam, Allegra and Amaryl are made, and over 6 billion tablets are produced annually. The production of these brands will now be moved to the company’s Goa facility and external manufacturing sites as well. Sanofi India’s scrip declined by over 4% to Rs 5,988 on the BSE on Wednesday, reacting to the company’s potential revenue loss.
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