Abstract
Sanof i-Aventis and Ranbaxy Laboratories are the latest pharmaceutical companies to make acquisitions in the fast-growing Central European generic drugs business. Paris-based Sanofi has spent about $516 million to acquire 24.9% interest in the Czech generics company Zentiva. Sanofi bought most of the stake from Warburg Pincus, which invested in one of Zentiva's predecessor firms in 1998, and the rest from current and former Zentiva employees. Sanofi, which is now Zentiva's largest shareholder, calls the purchase a strategic move in the development of Sanofi-Aventis in Central and Eastern Europe. Zentiva was formed in August 2003 by the merger of Leciva and Slovakofarma, the largest drug companies in the Czech Republic and Slovakia, respectively. Zentiva had sales last year of close to $500 million, up 11% over 2004. Meanwhile, India's Ranbaxy will pay Advent International $324 million for 97% stake in Terapia, Romania's largest manufacturer and distributor of generic pharmaceuticals. With annual sal...
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