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, anti-epileptic Depakine and antibiotic Pyostacine.The portfolio currently accounts for annual sales of about 2.1 billion euros but these are projected to drop by two-fifths in the next decade as European countries tighten healthcare budgets and impose lower drug prices.
Abbott Laboratories (Abbott) is engaged in the discovery, development, manufacture, and sale of a portfolio of science-based health care products. Shares of ABT remained unchanged at $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 4301.
Sanofi, formerly Sanofi-Aventis is a global and diversified healthcare company. Shares of SNY remained unchanged at $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 144.
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