Advent International has completed a €1.9bn buyout of the European generic drug business of pharma giant Sanofi.
AltAssets reported six months ago that the private equity major had entered exclusive negotiations for Prague-headquartered Zentiva, whose products reach more than 40 million patients in 25 European countries.
Advent 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 closed its eighth global private equity fund at its $13bn hard cap in 2016 after just six months on the road.
Advent International GPE VIII, which exceeded its $12bn target, received commitments from a diverse base of institutional investors across the globe, with around 90 per cent coming from previous investors.
The firm has invested in over 330 private equity transactions since it was founded in 1984, and had €35bn in assets under management at the start of this year.
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