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.
Along with Beximco Group, Square Group, Pran Group, PHP Family is contributing immensely to the economic progress of Bangladesh. Beximco Group and Square Group are the top private sector players but companies like PHP Family are coming up. Sufi Mohammed Mizanur Rahman, an ex banker, established PHP Group which was later re-named as PHS Family. PHP Float Glass is a concern of PHP group and is the pioneer of glass industries in the country. Now PHP float glass industry is the largest glass producer. Ample success in Glass sector along with other indusial sector, PHP group is contributing much to the development of the country. PHP float glass industry limited is Chittagong based sister concern of PHP group. Built on 30-acres of land, with a total investment of Tk 300 crore, the PHP Float Glass Industry at Barabkunda of Sitakunda in Chittagong launched its commercial production in 2005.It produces various types of glass according to local demands. It produces clear-glass sheet of 2MM
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