Sanofi has held talks with Abbott Laboratories, Mylan and private equity firms over the possible sale of a 6.3 billion euro ($8.5 billion) portfolio of mature drugs, according to an internal document seen by Reuters. The 25-page document, a copy of which was circulated by the CGT union on Wednesday, details a plan presented to the company's investment committee on May 6 dubbed the "Phoenix project".It shows Sanofi is considering whether to sell, carve out or create a joint venture for a portfolio of some 200 mature drugs that includes blood thinner Plavix.The portfolio currently accounts for annual sales of about 2.1 billion euros but these are projected to nearly halve in the next decade as European countries rein in healthcare budgets and impose lower drug prices.No decision has yet been made on the portfolio, a Sanofi spokesman said. ($1 = 0.7388 Euros)
Abbott Laboratories (Abbott) is engaged in the discovery, development, manufacture, and sale of a portfolio of science-based health care products. Shares of ABT fell by 1.55% or $-0.65/share to $41.17. In the past year, the shares have traded as low as $32.70 and as high as $41.96. On average, 5468430 shares of ABT exchange hands on a given day and today's volume is recorded at 10961119.
Sanofi, formerly Sanofi-Aventis is a global and diversified healthcare company. Shares of SNY fell by 0.92% or $-0.48/share to $51.43. In the past year, the shares have traded as low as $46.95 and as high as $54.64. On average, 967469 shares of SNY exchange hands on a given day and today's volume is recorded at 856144.
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