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Beximco Pharma acquires 55% of Sanofi

Staff Correspondent
15 Sep 2021 00:37:41 | Update: 15 Sep 2021 00:37:41
Beximco Pharma acquires 55% of Sanofi

Beximco Pharma, a publicly traded pharmaceutical company, has formally acquired 55 per cent shares of Sanofi Bangladesh.

A Beximco official confirmed the development to The Business Post, saying that a final deal was signed between the companies on Tuesday. 

“We have signed many agreements with the multinational company step by step to purchase the shares. We made a final deal in presence of high officials of both companies on Tuesday,” he said.

The Beximco also briefed the Dhaka Stock Exchange about the development. In news filings on Tuesday, the company said that it entered into the share purchase agreement to acquire the majority stake in Sanofi Bangladesh Limited.

The acquisition has been executed in line with Beximco Pharma’s strategy to expand its capabilities and product offering into new specialty therapy areas, it added. 

Sanofi is a multinational pharmaceutical company, which started its operation in Bangladesh as May and Baker in 1958, and later merged with various entities to form Sanofi-Aventis in 2004.

Its manufacturing facilities are spread over 25 acres of land in Tongi, located near Beximco Pharma’s manufacturing facility.

Around 45 per cent shares of Sanofi are held by the Bangladesh government, through the Bangladesh Chemical Industries Corporation (20 per cent) and the Ministry of Industries (25.4 per cent).

The remaining shares were held by two global brands, who in January declared to offload their shares – worth Tk 480 crore. 

The Bangladesh Bank recently cleared the way of selling 54 per cent shares of the company held by the foreign owners.

At the same time, the central bank approved a Tk 375 crore loan for Beximco Pharma to purchase the shares held by the foreign owners. The loan will be sanctioned by Agrani Bank, with 9 per cent interest and 5-year tenure.

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