Aventis Pharma, part of the Sanofi Group, has said it has agreed a deal to acquire Universal Medicare's over-the-counter (OTC) unit in India
Aventis Pharma, part of the Sanofi Group, has said it has agreed a deal to acquire Universal Medicare's over-the-counter (OTC) unit in India.
The announcement follows reports citing two sources with 'direct knowledge' of the subject who claimed Sanofi was close to completing an agreement worth 5bn rupees ($109.5m).
The transaction has now been approved by both boards of directors, and is expected to close by the end of 2011. Around 750 Universal Medicare employees will move to Aventis Pharma.
Antoine Ortoli, senior vice president, intercontinental region – global operations, of Sanofi, commented on the agreement: "India is one of our most important markets in the emerging world and this acquisition reinforces our commitment to invest and grow our presence in India through a diversified portfolio that is focused on patients' needs."
Aventis Pharma will acquire a portfolio of over 40 branded products including vitamins and mineral supplements, anti-arthritics and anti-osteoporotics.
Universal Medicare will remain manufacturers of the products that Aventis Pharma is to acquire on mutually agreed terms.
The agreement coincides with increased speculation that Japan-based pharmaceutical company Takeda is in talks with India-based generic drug manufacturers Cipla and Lupin.
For more information about the fast-growing pharmaceutical industry in India, see PMGroup's Country Report: India