Sanofi agrees to sell Seprafilm to Baxter for $350 million

FILE PHOTO: The logo of Sanofi is seen at the company's research and production centre in Vitry-sur-Seine, France, August 6, 2019. REUTERS/Charles Platiau

PARIS (Reuters) - Medical supply company Baxter International Inc BAX.N said on Monday it had agreed to buy Sanofi SASY.PA's Seprafilm unit, which makes specialist surgical products, for $350 million in cash.

The deal should close by the end of the first quarter of2020, Baxter added in a statement confirming the purchase, which was reported earlier by Reuters.

France’s Sanofi is conducting a broad strategy review under new chief executive Paul Hudson, who will give some initial pointers on which businesses he wants to focus on at an investor day on Dec. 10.

“As part of our ongoing strategic transformation, we are refocusing our established products portfolio to allow for focus on key growth platforms,” a spokesman with Sanofi said.

The company took on Seprafilm, which is used to help manage bleeding in abdominal and pelvis operations, in 2011 as part of its purchase of Genzyme.

Reporting by Matthias Blamont ; Writing by Sarah White ; Editing by Christina Fincher