Sanofi has completed its previously announced divestment of its European generics business, Zentiva, to Advent International, a Boston-based private-equity firm, for approximately EUR 1.9 billion ($2.2 billion). The transaction was finalized ahead of schedule.

The companies entered into exclusive talks in April 2018 and signed a share-purchase agreement worth EUR 1.9 billion ($2.2 billion) in June.

Zentiva provides generic drugs covering a range of therapeutic areas in Europe. Headquartered in Prague, Czech Republic, Zentiva reaches more than 40 million patients in 25 European countries, according to information from Sanofi. Zentiva has manufacturing facilities in Prague and Bucharest, Romania, which produce and distribute more than 350 million packs each year.

Source: Sanofi