December 2, 2019 / 3:41 PM / 2 months ago

Sanofi agrees to sell Seprafilm to Baxter for $350 million

The logo of Sanofi is seen at the company's research and production centre in Vitry-sur-Seine, France, August 6, 2019. REUTERS/Charles Platiau/File Photo

PARIS (Reuters) - Medical supply company Baxter International Inc said on Monday 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 of2020, Baxter added in a statement confirming the purchase, whichwas reported earlier by Reuters.

France’s Sanofi is conducting a broad strategy review undernew chief executive Paul Hudson, who will give some initialpointers on which businesses he wants to focus on at an investorday on Dec. 10.

“As part of our ongoing strategic transformation, we are refocusing our established products portfolio to allow for focus on key growth platforms,” a spokesman with Sanofi said.

The company took on Seprafilm, which is used to help managebleeding in abdominal and pelvis operations, in 2011 as part ofits purchase of Genzyme.

Reporting by Matthias Blamont ; Writing by Sarah White ; Editing by Christina Fincher

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