Sanofi, a french pharmaceutical company, is making a move into the medical device market.
According to an article by Bloomberg News, the company is changing its focus from pharmaceuticals to overall health.
Sanofi is the largest pharmaceutical manufacturer in France. Since 2008, the company has spent $33 billion on partnerships and acquisitions. Chris Viehbacher, CEO of Sanofi, stated that he planned to replenish the company’s product pipeline. In addition, he wants to reduce the company’s reliance on a few high-value products that could be subject to generic competition in the future.
In remarks made to Bloomberg News, Viehbacher said, “The marriage of digital technologies with therapeutics is a phenomenon that is only going to grow.” He continued, stating that the company could benefit from “partnerships to help us understand the digital side of the business.”
However, Viehbacher has stated that he does not plan to acquire other medical device manufacturers. Instead, he will build partnerships through other companies to strengthen its diagnostic division.
The latest move by the French pharmaceutical company follows similar actions by other drugmakers. This month, Pfizer took its animal healthcare division public. Shares of Zoetis, the name of Pfizer’s spinoff, have increased 22 percent since its IPO. While Sanofi does have its Merial animal health division, it has not publicly stated that it will spin off this division.
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