Global private equity firm Advent International has acquired European pharmaceutical company Zentiva for €1.9bn (£1.69bn).
Advent International confirmed today that it backed the divestment of the European generics division of biopharmaceutical company Sanofi to create an independent business.
The private equity firm will focus investment on the company's operations, production facilities and research and development (R&D).
Advent International managing director Tom Allen said: “We are delighted to have completed the acquisition of Zentiva.
"We believe there is tremendous potential for growth in the company and are looking forward to working with their highly talented workforce and management team to create a new, independent, European generics leader.”
Advent International, which has €35bn of assets under management globally, and Zentiva entered into exclusive talks over the deal in April, before finalising negotiations in June.
“This is an important milestone for Zentiva and we are excited about the opportunities that lie ahead for us as a standalone business," said Patrick Aghanian, head of Zentiva."
"We are confident that with the support of Advent we can realise our ambition to maximise our competitive advantage, expand our market footprint and upgrade our manufacturing network and capabilities.
"More than ever, people need better access to healthcare, that’s why we share the sense of social obligation to help lower costs and improve access to healthcare in Europe."