Medical supply company Baxter International said on Monday that it had agreed to buy Sanofi’s Seprafilm unit, which makes specialist surgical products, for $350 million in cash.
The deal should close by the end of the first quarter of 2010, Baxter added in a statement confirming the purchase, which was reported earlier by Reuters.
France’s Sanofi is conducting a broad strategy review under new CEO Paul Hudson, who will give some initial pointers on which businesses he wants to focus on at an investor day on December 10.
Sanofi took on Seprafilm, which is used to help manage bleeding in abdominal and pelvis operations, in 2011 as part of its purchase of Genzyme.
A spokesman for Sanofi declined to comment.
Source: Business-Standard