France's Sanofi to strike Indian deal: media

23rd August 2011, Comments 0 comments

French drugmaker Sanofi is in talks to buy the over-the-counter business of Mumbai-based Universal Medicare, India's Economic Times reported Tuesday.

The newspaper, citing unnamed sources, said talks were at an advanced stage for the deal which it said was valued at about 4.5 billion rupees ($100 million).

Universal Medicare is a privately-owned company with 700 sales staff and an over-the-counter business including products to treat osteoporosis and arthritis, along with women's healthcare.

Among its most popular products is a range of cod liver oil capsules.

Sanofi and Universal Medicare were not immediately available to comment on Tuesday.

India's market for over-the-counter drugs and dietary supplements has boomed in recent years as a burgeoning and increasingly health conscious middle class reaps the benefits of rapid economic growth.

© 2011 AFP

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