Pharma main Sanofi India has determined to promote its facility in Ankleshwar, Gujarat, to Zentiva India.
The Board of Administrators of Sanofi India Ltd (SIL) has permitted a transaction for the hunch sale and switch of its manufacturing facility at Ankleshwar, Gujarat to Zentiva and its authorized entity in India, Zentiva Personal Ltd for ₹2,61.7 crore, an organization assertion mentioned.
The transaction is topic to customary working capital changes.
It’s topic to shareholders’ approval and the completion of sure circumstances as outlined below the Enterprise Switch Settlement. Sanofi mentioned.
In 2018, Zentiva, which was Sanofi’s European generics enterprise, was offered to Introduction Worldwide as a part of a world transaction.
“Sanofi’s long-term strategy is to focus on manufacturing Sanofi branded products. Given that the two companies share similar values and commitment towards serving patients and their employees, the Board of Directors of Sanofi India approved this transaction in the long-term interest of all stakeholders.” mentioned Rajaram Narayanan, Managing Director, Sanofi India Ltd.
The Ankleshwar web site is Sanofi’s oldest manufacturing facility in India the place manufacturers similar to Combiflam, Allegra and Amaryl are made.
The manufacturing of those manufacturers will now be moved to Sanofi’s Goa facility and exterior manufacturing websites as effectively.
The Ankleshwar facility was established in 1987 and this web site manufactures greater than six billion tablets each year.
The positioning has a chemistry and biotechnology growth centre, and manufactures each intermediates and pharmaceutical formulations.