Sanofi Bangladesh Limited has decided to wind up its business in Bangladesh as it announced yesterday to sell its full share to Beximco Pharmaceuticals Limited (Beximco Pharma).
Subject to the fulfillment of conditions, the closing is anticipated within three to nine months, said a release.Currently, Sanofi has 54.6 percent 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 in Sanofi Bangladesh Limited (SBL) has been completed, the company’s high-quality products will continue to be made available in Bangladesh, through its local manufacturing facilities as well as imports.
The decision to sell its share in Bangladesh is as a result of Sanofi’s 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 has had the opportunity to complete its due diligence enquiries as part of the sale process.
Speaking on the transaction, Muin Uddin Mazumder, Managing Director - Sanofi Bangladesh Limited said, “Across the world, Sanofi regularly assesses the best ways in which to serve our customers.Accordingly, we have carefully selected Beximco Pharma who will continue to build on Sanofi’s legacy through investments and growing the business to provide more patients with increased access to Sanofi’s products across Bangladesh.
Together, we are committed to ensuring a smooth transition for the benefit of our employees, our customers and the patients of Bangladesh.”
Over the last past year, Sanofi Bangladesh has ensured adequate supply of its medicines across the country and supported all its employees through the pandemic lockdown.
Beximco Pharmaceuticals Ltd. is a leading manufacturer and exporter of medicines in Bangladesh. The company’s manufacturing facilities have been accredited by leading global regulatory authorities, and its products are now exported to more than 50 countries.
Upon completion of the share transfer, Sanofi Bangladesh will remain a separate legal entity, and Sanofi Bangladesh employees will continue their employment there, on the same terms and conditions that exist yesterday, it said.
The Sanofi portfolio will bring to Beximco Pharma, science-backed products across various therapeutic areas including diabetes, cardiology, oncology, CNS (Central Nervous System), consumer healthcare, vaccines and hospital care, to complement their current portfolio of generics.