US-based private equity firm Advent International has concluded negotiations and signed a share purchase agreement to acquire Sanofi’s generics business Zentiva for €1.9bn.

The companies entered into exclusive discussions regarding the deal in April this year, with Sanofi saying that its comprehensive strategic options review indicated Advent would be the best platform for Zentiva’s long-term success.

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After the completion of the transaction, Advent plans to support Zentiva’s management team and invest in its operations, production facilities and research and development (R&D) pipeline.

Previously, Advent International European healthcare managing director and co-head Tom Allen, and French division managing director and head Cédric Chateau jointly said: “We have long been attracted to the generics pharmaceutical sector as it enables more people to access high quality treatments by lowering their cost.

“We believe that Zentiva is a great platform, full of talented people, which we can invest behind to build a new, independent, European generics leader.”

“We believe that Zentiva is a great platform, full of talented people, which we can invest behind to build a new, independent, European generics leader.”

Based in Czech Republic, Zentiva provides a wide variety of generic medicines for several therapeutic areas. The business reaches more than 40 million patients across 25 European countries.

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The unit also provides customer-centric solutions for pharmacy, physician and tender archetypes across the generics market in Europe.

It operates manufacturing facilities in Prague and Bucharest, which are said to manufacture and distribute more than 350 million packs annually.

The acquisition is subject to regulatory approvals, following which Zentiva is expected to be transferred to Advent in the fourth quarter of this year.