Beximco Pharmaceuticals announced it would acquire 54.6 per cent shares in Sanofi Bangladesh. The base price for the transaction agreed between Sanofi Group and Beximco Pharma is £35.5m but it may go up to £40m. The proposed acquisition is subject to government's clearance including necessary approval of the transaction by the Bangladesh Bank and completion of a definitive sale and purchase agreement.
Industries ministry holds nearly 25.36 percent and Bangladesh Chemical Industries Corporations holds around 19.96 percent shares of Sanofi Bangladesh.
"We are delighted to announce the proposed acquisition of a majority stake in Sanofi Bangladesh. If approved, it will be the second strategic acquisition in the company's history, following that of Nuvista Pharma Limited (formerly Organon Bangladesh) in 2018," said Beximco Pharma Managing Director Nazmul Hassan. "This acquisition of Sanofi Bangladesh will serve as a strong foundation for sustainable growth in the future through strengthening our position in therapy areas where Sanofi has a strong footing. We believe the unique and diverse portfolio of Sanofi will complement our existing product range and will drive significant revenue growth for the company," he said.
The base price for the transaction agreed between Sanofi Group and Beximco Pharma is £35.5 million and is subject to deduction for the net financial debt and adjustments for short/excess over an agreed normative working capital at the closing date.The final consideration, which may be up to a maximum of £40 million, would be paid in cash on completion of the proposed transaction, from a combination of the Beximco Pharma’s own cash resources and additional debt. The transaction will be completed within the next three to nine months. If the deal is not approved by the Foreign Exchange Investment Department of the Bangladesh Bank or is not completed by October 20, Sanofi would be able to withdraw the offer.
Nasir Group is one of the largest industrial conglomerates in Bangladesh. The industries include industrial glass, tobacco, printing and packages, light engineering, melamine. It is one of the leading industries in glass manufacturing sector of the country. The company started its journey in 1977. Now this group expands in every industrial sectors of Bangladesh like tobacco, melamine, printing and packaging and footwear. Recently it started producing energy saving light bulbs. Nasir group has a great role in socio-economic development of the country. Dominance in Glass Sector Glass is one of the products of Nasir Group of Industry. Nasir group has a vital role to make Bangladesh self-sufficient in glass sector. This company provides a large portion of glasses to meet country’s demand. Nasir group started float glass production in 2005. The company built its glass manufacturing factory in Gazipur at a cost of Tk.300 crore. Nasir Glass now holds more than 40 percent of the total mark...
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