Beximco Pharmaceuticals Limited (DSE:BXPHARMA) entered into a binding commitment to acquire 54.6% in Sanofi Bangladesh Limited from Sanofi (ENXTPA:SAN) for £40 million on January 21, 2021. Beximco Pharmaceuticals Limited (DSE:BXPHARMA) signed an agreement to acquire 54.6% stake in Sanofi Bangladesh Limited from Sanofi (ENXTPA:SAN) on September 14, 2021. Under the terms, Beximco Pharmaceuticals Limited will acquire 1.96 million shares in Sanofi Bangladesh Limited. The base-price consideration of £35.5 million 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 transaction. Beximco Pharma was selected as the preferred bidder in a competitive process. The deal will be financed from a combination of the Beximco Pharmaceuticals Limited's own cash resources and additional debt. Sanofi Bangladesh reported revenue of £25.8 million, profit after tax as £2.4 million and gross assets as £54.4 million on December 31, 2020. The transaction is subject to approval of Foreign Exchange Investment Department of Bangladesh Bank and completion of the share purchase agreement. As of September 3, 2021 the acquisition has been approved by the Foreign Exchange Investment Department of Bangladesh Bank. The transaction is expected to complete within the next three to nine months or October 20, 2021. Mark Brady and Andrew Emmott of SPARK Advisory Partners Limited acted as nominated advisors to Beximco Pharmaceuticals. Matthieu Pouchepadass, Olivier Assant, Lionel Ripamonti and Thomas Beulaygue of Bredin Prat & Associes and Dr Kamal Hossain and Associates acted as legal advisors to Sanofi. Vadim Alexandre and Abigail Wayne acted as financial advisor to Beximco Pharmaceuticals Limited.

Beximco Pharmaceuticals Limited (DSE:BXPHARMA) acquired 54.6% in Sanofi Bangladesh Limited from Sanofi (ENXTPA:SAN) on October 1, 2021.