France’s Sanofi has agreed to sell its Seprafilm unit, which makes specialist surgical products, to US – based Baxter for $350 million euros, a source familiar with the matter said.
The French pharmaceutical group is conducting a broad strategy review under new chief executive Paul Hudson, who will give some initial pointers on which businesses he wants to focus on at an investor day on December 10.
Sanofi took on Seprafilm, which is used to help manage bleeding in abdominal and pelvis operations, in 2011 as part of its purchase of Genzyme.
Baxter officials were not immediately available to comment. A spokesman for Sanofi declined to comment.