French drug major Sanofi-Aventis is in talks to acquire Brazilian generics producer Medley SA at a cost of some 500.0 million reals ($220.0 million), reports the local newspaper Valor Economico, although confirmation of any negotiations has not been available from either party. However, such an acquisition would be in line with the French company's growth strategy, as recently discussed by its new chief executive, Chris Viehbacher (Markettetter February 16).
Medley produces mainly generic and over-the-counter medicines and is sixth in Brazil's pharmaceutical league or third in the list of domestically-owned companies. The firm is represented in 15 Latin American countries and, more recently, has been trying to break into the European market. Growth has come mainly from the export of finished and semi-finished drugs. Sales of the Sao Paulo-based enterprise are put at some 275.0 million euros ($351.9 million) a year. One factor seen to be favoring a rapid conclusion to a deal is that local Brazilian generics producers are finding access to fresh financing difficult in the current economic climate.
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Chairman, Sanofi Aventis UK
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