Zentiva accepts Sanofi's revised $ 2.6 billion offer

Czech-based generics firm Zentiva has accepted Sanofi-Aventis' $ 2.6 billion offer after four months of debate. The proposed acquisition is part of Sanofi's effort to establish a strong sales and manufacturing platform in Central and Eastern Europe. Jean-Marc Podvin, vice president and head of media relations, Sanofi-Aventis, said, ''Approval from Zentiva's board significantly improves the chance of the deal's success.''

Zentiva holds good positions in the drug markets in Czech Republic,  Ukraine, Turkey and numerous other states in the region. Sanofi expects the acquisition to accelerate its position in the region and play a key part in the firm's global ‘volume and value' development strategy.'' 

Jiri Michal, CEO, Zentiva, said,  ''We believe that the improved offer represents attractive value for Zentiva's shareholders, particularly in light of the current market turbulence; we are convinced that the proposed transaction safeguards the interests of all our other stakeholders, customers, suppliers and employees.''