Sanofi SA (SAN.FR) said Tuesday that it had entered exclusive negotiations with Advent International Corp. to sell its European generic business Zentiva for an enterprise value of 1.92 billion euros ($2.37 billion).
The pharmaceutical company said Advent had made a firm, binding and fully financed offer.
The transaction is expected to close by the end of 2018, following consultation with Sanofi employees' representatives, the company said. It is subject to definitive agreements and regulatory approval, it added.
The divestment from Zentiva, a non-core business, forms part of Sanofi's strategy to simplify the company.