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Sanofi-aventis makes competing bid for Zentiva

Sanofi-aventis has announced that it intends to make a bid of $1.7bn for the Czech generic drug manufacturer, Zentiva
Sanofi-aventis has announced that it intends to make a bid of $1.7bn for the Czech generic drug manufacturer, Zentiva, outbidding an earlier offer from Czech financial group PPF.

Paris-based sanofi-aventis already holds a 24.9 per cent share in Zentiva while PPF, together with Italian insurer Generali, owns 19.2 per cent. The offer from sanofi-avensis is 10.5 per cent higher than the initial bid from the Czech financial house.

The acquisition of Zentiva would give the French pharmaceutical company more than 180 generic medicines, an area of the market growing at twice the rate of patent-protected products.

Zentiva is a market leader in the Czech Republic, Turkey, Romania and Slovakia, with a growing presence in Poland, Russia, Bulgaria, the Ukraine and the Baltic countries. Sanofi-aventis is already established in many of these markets and says that acquiring control of the generics manufacturer "carries a strong strategic rationale."

18th June 2008

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