By Jaime Llinares Taboada

Beximco Pharmaceuticals Ltd. said Thursday that it has entered into an agreement with Sanofi S.A. to buy a majority stake in Sanofi Bangladesh Ltd.

The AIM-listed pharmaceutical company said it will pay an adjustable consideration of 35.5 million pounds ($48.5 million) for Sanofi's 54.6% stake in the Bangladeshi company. The remaining stake is held by the government of Bangladesh.

Sanofi Bangladesh has over 800 employees and produces approximately 100 branded generic products, in addition to importing and supplying vaccines, insulins and chemotherapy drugs. The group made a pretax profit of around GBP4.3 million in 2019.

Beximco said the acquisition would help it to consolidate its leading position in Bangladesh. The deal is expected to complete within three to nine months.

Shares in Beximco at 0949 GMT were down 0.1% at 195.3 pence. Sanofi was flat at EUR82.35.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

January 21, 2021 05:09 ET (10:09 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
Sanofi (EU:SAN)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Sanofi Charts.
Sanofi (EU:SAN)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Sanofi Charts.