Sanofi gears up for European generic drugs unit sale - sources

LONDON/FRANKFURT, March 8 (Reuters) - French drug maker Sanofi is looking to hire advisers for the sale of its European generic drug business by the end of March, sources told Reuters, ahead of an auction process which is set to start after the summer.

A handful of banks have been shortlisted to present their final pitches for the long-awaited deal which could be worth more than 2 billion euros ($2.1 billion), the sources said.

Bankers have been vying for a mandate for the past 18 months since Sanofi boss Olivier Brandicourt took charge of the French firm and decided to put the business under review.

A final decision on the advisory line up, which could see a boutique bank working hand in hand with a larger player, is expected in around two weeks, the sources said.

A spokesman at Sanofi declined to comment. ($1 = 0.9471 euros) (Additional reporting by Matthias Blamont in Paris; Editing by Keith Weir).

Mar 8, 2017


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