Beximco Pharmaceuticals Ltd has acquired the majority stake (54.6 percent) in French drug maker Sanofi Bangladesh Limited.
This acquisition has been the biggest and most important acquisition made so far in the history of Bangladesh’s pharmaceutical industry.
The event was attended by Beximco Pharma managing director Nazmul Hassan, BCIC Chairman Shah Md Imdadul Haque, Additional Secretary, ministry of industries, SM Alam, and senior officials from both the companies.
A 5-member new board of directors has been formed with Nazmul Hassan, Rabbur Reza, Ali Nawaz joining from Beximco Pharma and the BCIC Chairman and an official from ministry of industries representing the government.
Sanofi Bangladesh is part of the wider group, Sanofi S.A., a global biopharmaceutical company focused on human health.
Its operations in Bangladesh were established in 1958 as part of the British chemical company, May & Baker.
Following a series of mergers, it became known as Sanofi-Aventis in 2004, before being renamed in 2013 as Sanofi Bangladesh Limited.
Sanofi Bangladesh produces approximately 100 branded generic products, predominately for the local market. Sanofi Bangladesh has a strong presence in cardiology, diabetes, oncology, dermatology and CNS. Sanofi also supplies its global brands of vaccines, insulin and chemotherapy drugs to Bangladesh through direct imports. Speaking on the occasion, Beximco Pharma Managing Director Nazmul Hassan said, "The completion of this deal - the second acquisition in Beximco Pharma's history - is a major milestone for us. We have a clear strategy to continue our diversification and expansion while strengthening our position as a market-leading pharma company in Bangladesh." "We look forward to welcoming over 800 skilled and diligent Sanofi Bangladesh employees to our existing workforce. As an enlarged group, we are excited to continue our growth trajectory by delivering affordable treatments and breakthrough therapies in our growing domestic market," he added.