Sanofi confirms Bangladesh exit plan
Published : Wednesday, 16 October, 2019 at 10:20 PM Count : 207
French pharmaceutical giant Sanofi has started a hunt for a “partner” to sell its stake in Bangladesh, confirming its exit after operating 60 years in the country.
Sanofi did not cite any specific reason for the planned stake sale, but said: “We believe that in Bangladesh, we are not necessarily in the best position to maximise business opportunities.”
“Sanofi intends to find a partner to transfer its stake in Sanofi Bangladesh Limited, while continuing to make available in Bangladesh our quality brands,” the company said in an emailed statement on Wednesday.
The company said it aims to identify a trustworthy organisation that will commit to carry on the “legacy by way of ethical and scientific promotion” of the Sanofi portfolio in the long term, for the benefit of both, patients and employees.
Sanofi has been in Bangladesh since 1958. Its exit plan has left its employees worried about their future.
“As a responsible company, Sanofi is committed to protecting the interests of our employees. It is our intention to negotiate a collective employment guarantee clause for at least twelve months after transferring the stake,” the company said.
The Bangladesh government holds more than 45 percent of the company and the chairperson of Bangladesh Chemical Industries Corporation is also the board chairman of Sanofi Bangladesh.