REG - Beximco Pharmaceut - Sanofi Bangladesh Share Purchase Agreement signed

Beximco PharmaceuticalsAnnouncement

14/09/2021 10:20

RNS Number : 6944L
  
Beximco Pharmaceuticals Ltd
  
14 September 2021
  
 

14 September 2021
 
BEXIMCO PHARMACEUTICALS LTD. 
 
Share Purchase Agreement signed for the acquisition of a majority stake in Sanofi Bangladesh Limited
 
Deal in line with strategy to expand core capabilities and product offering
 
 
Beximco Pharmaceuticals Limited ("Beximco Pharma" or "the Company"; AIM Symbol: BXP, LEI No.: 213800IMBBD6TIOQGB56), the fast-growing manufacturer of generic pharmaceutical products and active pharmaceutical ingredients, is pleased to announce that, further to the announcements on 21 January 2021 and 03 September 2021, the Company has now entered into the share purchase agreement to acquire the majority stake in Sanofi Bangladesh Limited ("Sanofi Bangladesh") (the "Acquisition"). 
 
The proposed earnings accretive Acquisition is in line with Beximco Pharma's strategy to expand its capabilities and product offering into new specialty therapy areas while enabling the Company to consolidate its position as a leading pharmaceutical in Bangladesh by adding an established business with a reputation for high-quality products.
 
Sanofi Bangladesh has been part Sanofi S.A. ("Sanofi"), a global biopharmaceutical company focused on human health. The operations in Bangladesh were established in 1958 as part of the British chemical company, May & Baker. Following a series of mergers, it became known as Sanofi-Aventis in 2004, before being renamed in 2013 as Sanofi Bangladesh Limited.
 
Sanofi Bangladesh's state-of-the-art manufacturing facilities, including a PIC/S certifiable manufacturing facility for the leading antibiotic, cephalosporin, are spread over c25 acres of land, located near Beximco Pharma's manufacturing facility in Tongi. Sanofi Bangladesh has over 800 employees and produces approximately 100 branded generic products, predominately for the local market. Sanofi Bangladesh has a strong presence in cardiology, diabetes, oncology, dermatology and CNS. Sanofi also supplies its global brands of vaccines, insulins and chemotherapy drugs to Bangladesh through direct imports, which the Group will continue to distribute following the completion of the Acquisition.
 
In the year ended 31 December 2020 (the last audited accounts prepared by Sanofi Bangladesh), Sanofi Bangladesh generated revenue of Taka 3.038 billion (approximately £25.8 million), profit before tax of Taka 277.6 million (approximately £2.35 million) and had gross assets of Taka 6.409 billion (approximately £54.4m).
 
A further announcement will be made in due course to confirm final completion of the Acquisition.
 
 
 
For further information please visit www.beximcopharma.com or enquire to: 
 




Beximco Pharma




Nazmul Hassan MP, Managing Director
Tel: +880 2 58611001, ext.20080
 




S M Rabbur Reza, Chief Operating Officer 
Tel: +880 2 58611001, ext. 20111 
 
Mohammad Ali Nawaz, Chief Financial Officer
Tel: +880 2 58611001, ext.20030
 




SPARK Advisory Partners Limited (Nominated Adviser)
Mark Brady / Andrew Emmott
Tel: +44 (0)20 3368 3551 / 3555
 




SP Angel Corporate Finance LLP (Broker)
Vadim Alexandre / Abigail Wayne
Tel: +44 (0) 20 3470 0470
 




FTI Consulting
Simon Conway / Victoria Foster Mitchell / Sam Purewal
Tel: +44 (0)20 3727 1000
 




 
About Beximco Pharmaceuticals Limited
Beximco Pharma is a leading manufacturer and exporter of medicines based in Bangladesh. Since its inception in 1976, the Company remains committed to health and wellbeing of people across all the continents by providing access to contemporary medicines. Company's broad portfolio of generics encompasses diverse delivery systems such as tablets, capsules, liquids, semi-solids, intravenous fluids, metered dose inhalers, dry powder inhalers, sterile ophthalmic drops, insulins, prefilled syringes, injectables, nebuliser solutions, oral soluble films etc. The Company also undertakes contract manufacturing for multinational and leading global generic pharmaceutical companies.
 
Beximco Pharma′s state-of-the-art manufacturing facilities are certified by global regulatory authorities of USA, Europe, Australia, Canada, GCC and Latin America, among others and it has a geographic footprint in more than 50 countries. More than 5,500 employees are driving the company towards achieving its aspiration to be among the most admired companies in the world.
 
 

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