FRANKFURT, June 28 (Reuters) - French drugmaker Sanofi on Monday said it agreed to sell 16 mainly European consumer healthcare brands to private-equity owned Stada to streamline its product portfolio.
Stada said in a statement the purchase of the brands, including Mitosyl ointment, Silomat cough remedies, Frubiase nutritional supplements, will strengthen the German company’s regional sales network in Europe, following a similar deal with GlaxoSmithKline last year.
The companies would not disclose financial terms but a person familiar with the deal said the price tag was in a range of 120-140 million euros ($144-$168 million).
Pharmaceuticals group Sanofi has said it would prioritise fast-growing consumer healthcare (CHC) brands, as the consumer division prepares to become a standalone business.
“Simplifying the CHC product portfolio is an important part of our strategy to focus our resources and efforts where we can bring the most value,” said Julie Van Ongevalle, head of Sanofi’s consumer healthcare unit, said in a statement on Monday. ($1 = 0.8358 euros) (Reporting by Ludwig Burger, editing by Louise Heavens)