Sanofi Bangladesh Limited on Thursday officially announced Beximco Pharmaceuticals Limited as a potential buyer of its controlling stake in Bangladesh, the multinational company has confirmed.
In an official statement, the French drugmaker announced its intention to sell the full share of its Bangladesh operations to Beximco Pharmaceuticals Limited for approximately 35.5 million British Pounds, subject to fulfilment of conditions.
The closing is anticipated in three to nine months.
Currently, Sanofi has 54.6 per cent share in the company. BCIC (Bangladesh Chemical Industries Corporation) and the Ministry of Industries are the other key shareholders in the company.
After the share transfer of Sanofi is completed, the company’s high-quality products will continue to be made available in Bangladesh, through its local manufacturing facilities as well as imports.
Sanofi's decision to sell its share in Bangladesh is the result of its global business strategy. In October 2019, Sanofi announced its intent to sell its stake in Sanofi Bangladesh. Beximco Pharma was selected as Sanofi Bangladesh’s preferred bidder and had the opportunity to complete its due diligence enquiries as part of the sale process.
Speaking on the transaction, managing director of Sanofi Bangladesh Limited Muin Uddin Mazumder said across the world Sanofi regularly assesses the best ways to serve its customers.
Accordingly, its management has carefully selected Beximco Pharma that will continue to build on Sanofi’s legacy through investment and expansion to give patients increased access to Sanofi’s products across Bangladesh, he added.
Last year, Sanofi Bangladesh ensured adequate supply of its medicines across the country and supported its employees during the pandemic lockdown.
Beximco Pharmaceuticals Ltd is a leading manufacturer and exporter of medicines in Bangladesh. The leading global regulatory authorities have accredited the company’s manufacturing facilities. Its products are now exported to more than 50 countries, including the highly regulated markets of USA, Europe and Australia.
Five-time winner of the National Export (Gold) trophy, Beximco Pharma also remains the only company in the country to win the highly prestigious SCRIP Award, CphI Pharma Award and Global Generics and Biosimilars Award.
Beximco Pharma has the unique distinction of being the only Bangladeshi company listed on the AIM of the London Stock Exchange. With a workforce of 4,500 and a diverse portfolio of 500 products, the company is emerging as a successful global generic drug player from Asia.