French drug maker Sanofi to buy Brazil''s Medley
April 13, 2009
French drug maker Sanofi-Aventis SA announced that it is buying Brazilian pharmaceutical company Medley for 1.5 billion reals (euro500 million, $662 million), as reported by the Associated Press. Medley is Brazil''s third-largest pharmaceutical company with annual sales of 458 million reals, Sanofi-Aventis said in a statement. Medley is the country''s No. 1 maker of generic medicines with a portfolio of 127 products, from where it gets two-thirds of its sales. Paris-based Sanofi-Aventis said it expects the market for non-patented drugs to grow by 20 percent a year. The deal should be completed before the end of June, Sanofi-Aventis said.