Company News: Sanofi, Novo Nordisk, Par Pharmaceutical Companies
French drug maker Sanofi has agreed to purchase a unit of Universal Medicare Ltd., based in India, which manufactures “nutraceuticals,” such as mineral supplements, vitamins, antioxidants and anti-arthritics. The deal is expected to close in Q4 of this year, according to Sanofi's Aventis Pharma Ltd. unit, with a purchase price of 5 billion rupees, or approximately $109 million. Nearly 750 of Universal Medicare's Mumbai-based employees will join Aventis Pharma in the acquisition.
Novo Nordisk has announced plans to invest nearly 1 billion Danish kroner (approximately 134 million euros) into two new office buildings with surrounding green space in Bagsværd, Denmark. The company estimates that new project will create more than 300 jobs during the construction phase alone, and upon completion of the new development, the offices will support more than 1,100 administrative employees in addition to executive management. Groundbreaking is set to take place in October, and the new corporate center is slated to be ready for occupancy by the end of 2013. With these new offices, Novo Nordisk plans to consolidate administrative locations that are currently scattered around Copenhagen in order to have personnel more centrally located.
Par Pharmaceutical Companies has announced its plans to purchase generic drug rival Anchen Pharmaceuticals for $410 million in cash. Anchen, which is based in Irvine, CA, with 218 employees, currently has a solid pipeline, with five commercialized products, 27 abbreviates new drug applications (ANDAs) and 26 additional products in development. According to a statement released by the company, Par Pharma expects to complete the acquisition of Anchen by the year's end.