Sanofi-Aventis to buy Primary Health unit

Source: Healthcare Digital

Date :22/07/2008 09:54:02

The French drugmaker has agreed to buy Primary Health Care Ltd’s Symbion Consumer division for A$560 million.

Sanofi-Aventis Australia Pty Ltd outbid rivals, including Germany's Merck; to buy the unit which is estimated to be worth up to A$480 million.

The sale is expected to be completed on 31 August 2008.

Disposals

Primary is selling assets following its A$2.65 billion takeover of Symbion Health this year.

The sale will allow Primary to continue its focus on operating its core businesses and progress with the integration of Symbion.

It is also selling Symbion's pharmaceuticals division, which could fetch more than A$500 million.

Swiss-based Zuellig Pharma, an Asia-focused healthcare distributor, is thought to be among the potential bidders for the division.

Proceeds from the sale will be used to reduce debt.