Beximco Pharma acquires majority stakes in Sanofi Bangladesh for Tk 400 crore

Beximco Pharmaceuticals today made final agreement to acquire 54.6 per cent stakes in Sanofi Bangladesh for over Tk 400 crore.

Beximco acquired the shares as it looks to expand its product base and diversify into new areas.

With this, the French pharmaceuticals giant Sanofi will exit Bangladesh ending its presence in the country that spans over more than six decades.

Earlier, the central bank gave go-ahead to the Bangladeshi drug maker to acquire Sanofi's shares from Fisons Ltd and May and Baker Ltd of the UK -- the two foreign shareholders of Sanofi Bangladesh.

Some 20 per cent stakes of Sanofi Bangladesh is owned by the Bangladesh Chemical Industries Corporation and 25.4 per cent by the industries ministry.

Mohammad Asad Ullah, company secretary of Beximco Pharmaceuticals, told The Daily Star that they signed the final agreement with Sanofi today.

"With that, the handover of the shares has been started," he said.

Answering a question about the share acquisition price, he said he does not know about it.

A further announcement will be made in due course to confirm the completion of the acquisition, the company said in a disclosure published on the website of Dhaka Stock Exchange today.

Sanofi Bangladesh generated revenue of Tk 303 crore, and profit before tax of Tk 27 crore and had gross assets of Tk 640 crore for the year that ended on December 31 of 2020, which was the last audited accounts prepared by the company.

The proposed earnings accretive acquisition was in line with Beximco Pharma's strategy to expand its capabilities and product offering into new specialty therapy areas while enabling the company to consolidate its position as a leading pharmaceutical company in Bangladesh by adding an established business with a reputation for high-quality products, the Beximco Pharmaceuticals said in the disclosure.

Sanofi Bangladesh has been part Sanofi SA, a global biopharmaceutical company focused on human health, it said.