Sanofi to buy Polish drugmaker Nepentes

Sanofi-Aventis unveiled a further push into emerging markets on Wednesday with plans to buy Polish consumer healthcare group Nepentes in a deal valuing it at around €105m ($130.4m).

Nepentes focuses on pharmaceutical skin cosmetics, with key brands including Iwostin and Emolium. Sales reached around 134.9m zlotys ($40.5m) in 2009, with 85 per cent in Poland. The company also has affiliates in Bulgaria and Romania. The purchase offers "double-digit sustainable growth potential" and will enable the French drugmaker to boost its position in Europe's fifth-largest consumer healthcare market, as well as in central and eastern Europe overall, Sanofi said. Indian TV channels meanwhile reported that Sanofi was in talks to acquire Mumbai-based drugmaker Piramal Healthcare. Pfizer was also reported to be in talks. Last July, Sanofi took control of unlisted Indian vaccines maker Shantha Biotechnics. A deal with Piramal would further underscore India's role as a supplier of cheap medicines to wider markets. Sanofi said its offer for Nepentes was conditional on at least 90 per cent of outstanding shares being tendered, and on Polish competition authority approval. It said it could then squeeze out remaining minority shareholders and delist the company. The French company said it would pay 26 zlotys a share to main shareholders and 28 zlotys to minority shareholders. The subscription period will run from June 10 to August 10.