FRANKFURT/LONDON, March 29 French drug maker
Sanofi has hired advisers for the sale of its European
generic drug business, several sources familiar with matter told
Reuters, ahead of an auction process which is expected to start
after the European summer.
Rothschild, JP Morgan and Morgan Stanley
have been asked to organise the long-awaited deal which
could be worth more than 2 billion euros ($2.2 billion), the
Bankers have been vying for a mandate for the past 18 months
since Sanofi boss Olivier Brandicourt took charge of the French
firm and decided to put the business under review.
A spokesman for Sanofi declined to comment. Rothschild, JP
Morgan and Morgan Stanley also declined to comment.
France's largest drug maker, which recently worked with
Lazard to finalise a $20 billion asset swap deal with German
firm Boehringer for Sanofi's Merial animal health arm, said in
January it was expecting to complete the sale of the European
generics business by the end of 2018.
The company started to disentangle the European generics
business from its global operations toward the end of last year,
after announcing its plans to sell the unit in October.
($1 = 0.9267 euros)
(Reporting by Arno Schuetze, Carl O'Donnell, Pamela Barbaglia;
Editing by Christoph Steitz)