Sanofi (NYSE:SNY) is said to be in advanced talks with BAX to sell its Seprafilm surgical products business for up to $400 million.
SepraFilm is designed to prevent adhesion after abdominal surgeries. The French drugmaker, which acquired SepraFilm in 2011 when it paid $20.1 billion for Genzyme, wants to close the deal “with the next few weeks,” Bloomberg reported, citing “people with knowledge of the matter.”
The transaction would put a $350 million to $400 million valuation on the business, according to the sources.
Baxter is not the only suitor, as other healthcare companies and private equity shops are interested, they said. Baxter and Sanofi representatives declined to comment, Bloomberg reported.
In September 2015, Sanofi Genzyme agreed to pay $32.6 million and admit wrongdoing to resolve criminal U.S. Justice Dept. charges over its Seprafilm marketing.