Private equity continues to make the most of Sanofi’s drive to slim down its portfolio. Advent International has entered into exclusive negotiations to acquire Zentiva, Sanofi’s European generics business, for €1.92bn.

Advent’s offer is firm, binding and fully financed. The transaction is expected to close by the end of this year subject to finalisation of agreements and regulatory approval.

Advent will work with Sanofi to establish an independent business and will support Zentiva’s management team to invest in operations, production facilities and its research and development pipeline.

In a joint statement, Advent’s co-head of European healthcare Tom Allen and its France head Cédric Chateau 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, who we can invest behind to build a new, independent, European generics leader.”

Yesterday, Charterhouse Capital Partners-backed Cooper-Vemedia, the European over-the-counter drug manufacturer and distributor, acquired a portfolio of 12 pharmaceutical brands from Sanofi for €158m.

Global biopharmaceutical company Sanofi has divested the brands to focus on its core business segments of pain, allergy, coughs and colds, digestive health and nutrition.