Advent International has entered an agreement to purchase Sanofi’s European generics business Zentiva for €1.9bn ($2.2bn).

Advent intends to invest in Zentiva’s operations, production facilities and its research and development (R&D) pipeline, post transaction.

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The acquisition will be closed in the fourth quarter of 2018, subject to customary closing conditions.

Based in the US, Advent International is a private equity firm, while Zentiva is a Czech Republic-based provider of generic medicines for various therapeutic areas.

The acquisition will enable the acquirer company to provide patients with high-quality treatments at lower cost.

“Eli Lilly has completed the acquisition of ARMO BioSciences for a cash consideration of more than $1.6bn.”

Eli Lilly has completed the acquisition of ARMO BioSciences for a cash consideration of more than $1.6bn.

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The company signed an agreement to purchase all outstanding shares of ARMO at $50 a share in May this year.

Based in the US, Eli Lilly is a pharmaceutical company that provides drugs for cancer treatment, while ARMO, also based in the US, is an immuno-oncology firm that develops drug candidates to treat diseases related to immune system.

The acquisition of ARMO will be a complementary addition to Eli Lilly’s oncology portfolio.