Beximco Pharmaceuticals Ltd, one of the leading drug makers, today said it is going to acquire 54.6 percent stake of Sanofi Bangladesh in its bid to further strengthen its position in the drug market.

It has not disclosed the amount of proposed transaction but said it has signed an agreement to acquire the majority shares of Sanofi Bangladesh, Beximco said in a press release.

Sanofi Group currently holds 54.6 percent shares in the paid-up capital of Sanofi Bangladesh.

Industries ministry holds nearly 25.36 percent and Bangladesh Chemical Industries Corporations holds around 19.96 percent shares of Sanofi Bangladesh.

The proposed acquisition is subject to government's clearance including necessary approval of the transaction by the Bangladesh Bank and completion of a definitive sale and purchase agreement, it said.

"It is anticipated that the acquisition would be completed within the next 3 to 9 months," said Beximco.

"We are delighted to announce the proposed acquisition of a majority stake in Sanofi Bangladesh. If approved, it will be the second strategic acquisition in the company's history, following that of Nuvista Pharma Limited (formerly Organon Bangladesh) in 2018," said Beximco Pharma Managing Director Nazmul Hassan.

"This acquisition of Sanofi Bangladesh will serve as a strong foundation for sustainable growth in the future through strengthening our position in therapy areas where Sanofi has a strong footing.  We believe the unique and diverse portfolio of Sanofi will complement our existing product range and will drive significant revenue growth for the company," he said.

Sanofi has been operating in Bangladesh since 1958.

It merged with various entities to form Sanofi-Aventis in 2004. In 2013, it was renamed Sanofi Bangladesh Ltd. The company had been seeking to sell its stakes in Bangladesh for nearly a year.

The multination drug maker has a pharmaceutical plant located in Tongi to produce a range of products mostly to cater to the local market. Sanofi also supplies its global brands of vaccines, insulins and chemotherapy drugs to Bangladesh through direct imports, said Beximco.