Sanofi unit to buy OTC biz of Universal Medicare: Sources

Aventis Pharma, a unit of French drugmaker Sanofi, is close to buying the over-the-counter business of unlisted Universal Medicare for about Rs 5 billion (USD 109.5 million), two sources with direct knowledge of the development said on Tuesday.

The deal, which covers about 30 brands sold by India-based Universal Medicare, is expected to be signed in a day or two and would boost the French company's over-the-counter business in India, the sources said.

Earlier, the Economic Times reported that Sanofi was in advanced talks for a strategic tie-up with Universal Medicare, which makes popular codliver oil capsules brand Seacod.

A Sanofi spokeswoman declined to comment, while officials of Universal could not be reached immediately for comment by Reuters.

($1 = 45.66 rupees)