Beximco Pharmaceuticals Limited, a leading manufacturer and exporter of medicine in the country, has acquired a 54.6% stake in Sanofi Bangladesh Limited.
A brief ceremony on the occasion took place on Thursday at a hotel in Dhaka, says a press release.
The event was attended by Beximco Pharma Managing Director Nazmul Hassan, BCIC Chairman Shah Md Imdadul Haque, Secretary to Industries Ministry, SM Alam, and other senior officials from both Sanofi and Beximco.
At the event, Nazmul Hassan said, "The completion of this deal is a major milestone for us. We have a clear strategy to continue our diversification and expansion, strengthening our position as a market-leading pharma company in Bangladesh. The acquisition of a majority stake in Sanofi Bangladesh is precisely in line with this strategy."
"We look forward to welcoming over 800 skilled and diligent Sanofi Bangladesh employees into our existing workforce. As a larger group, we are excited to continue our growth trajectory, delivering affordable treatments and breakthrough therapies to our growing domestic market," he added.
There is a new 5-member board of directors, with Nazmul Hassan, Rabbur Reza and Ali Nawaz from Beximco Pharma, BCIC Chairman Imdadul Haque, and an Industries Ministry official representing the government.
Sanofi Bangladesh is part of global biopharmaceutical company Sanofi SA. Sanofi started operating in Bangladesh in 1958 as part of May & Baker, a British chemical company. Following a series of mergers, it became known as Sanofi-Aventis in 2004, before being renamed Sanofi Bangladesh Limited in 2013.
Sanofi Bangladesh's state-of-the-art manufacturing facility is near Beximco Pharma's manufacturing facility in Tongi, producing approximately 100 branded generic products, mainly for the local market. It has a strong presence in cardiology, diabetes, oncology, and dermatology. International parent company Sanofi SA also provides its global brands of vaccines, insulins and chemotherapy drugs, directly imported by Sanofi Bangladesh.
This acquisition is the biggest in the history of the pharmaceutical industry in Bangladesh.