Sanofi approves sale of Ankleshwar plant to Zentiva

Pharmaceutical company Sanofi informed the bourses that the Board of Directors of Sanofi india Limited (SIL) has approved slump sales and transfer of its manufacturing facility at Ankleshwar, Gujarat to Zentiva for Rs. 261.7 crore.

The transaction of sales of Ankleshwar plant to Zentiva  is subjected to shareholders approval and completion of certain conditions as defined under the Business Transfer Agreement.

Rajaram Naratanan, Managing Director, Sanofi India Limited said, “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 Limited approved this transaction in their long-term interest of all stakeholders.”

Sanofi India limited is a French pharmaceutical multinational company that offers therapeutic solutions in cardiovascular diseases, thrombosis, diabetes, internal medicine, central nervous system, oncology, arthritis and osteoporosis, primary health care, vaccines and consumer healthcare. Sanofi India exports to more than 40 countries including Russia, Ukraine and other CIS countries.

On Wednesday, the stock of Sanofi India Limited opened at Rs. 6204.85 per share and made an intraday high and low of Rs. 6208.35 and Rs. 5975.80 respectively on the BSE. The stock is closed at Rs. 5990.00, down by 4.73 per cent from its previous close.