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news.Sanofi-Aventis has paid a total of E430 million for 25% of Zentiva, a generic drug company based in the Czech Republic. The deal makes the French pharmaceutical giant the largest shareholder in the company.
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The acquisition is a strategic move by Sanofi-Aventis designed to develop its business in Central and Eastern Europe. Zentiva, which achieved sales in 2005 of E410 million, has strong positions in the Czech Republic, Slovakia and Romania, and is rapidly growing in Poland, Russia and the Baltic States.
In connection with the acquisition the companies have set up a joint strategic committee that will explore future investment and development opportunities.
Following the transaction, Zentiva’s senior management will continue to own approximately 6% of the company and has agreed not to sell those remaining shares for a period of two years, subject to certain exceptions.
“This transaction will allow us to create a long term relationship with Sanofi-Aventis, which will enable us to accelerate and support the growth of Zentiva in our core countries,” Mr Jiri Michal, chairman and CEO of Zentiva.