Sanofi is in advanced talks to sell its Seprafilm surgical products unit to U.S. medical supply company Baxter International Inc., according to people with knowledge of the matter.
Seprafilm could be valued at about $350 million to $400 million in a sale, said the people, who asked not to be identified because the matter was private. Sanofi aims to reach an agreement within the next few weeks, the people said.
The potential sale would help the French drugmaker streamline its portfolio and focus on products with more potential for growth, such as cancer treatments. Seprafilm, which Sanofi acquired through its 2011 purchase of Genzyme Corp., is used to reduce the risk of scarring for abdominal and pelvic surgeries.
An acquisition would boost Deerfield, Illinois-based Baxter’s surgical care business, whose products reduce complications from bleeding during and after surgery. The Seprafilm unit has also attracted interest from other health care companies as well as private equity firms, the people said.
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No final agreements has been reached, and talks could drag on longer or fall apart, according to the people. Representatives for Baxter and Paris-based Sanofi declined to comment.
Source: Bloomberg
