SAO PAULO, March 6 (Reuters) - Brazilian pharmaceutical company EMS announced on Friday the purchase of Medley, a unit of French drugmaker Sanofi, according to a joint statement.
The statement did not disclose the value of the deal, but Marcus Sanchez, vice president of EMS in Brazil, told reporters it was in excess of $500 million.
The transaction is still subject to approval by Brazil's antitrust watchdog, Cade, but EMS expects the green light by the end of the year.
According to Sanchez, the group's market share in generic medicines will reach around 30% after the transaction is approved, which would not lead to market concentration.
The executive said no plant closures were expected as a result of the deal. On the contrary, it would lead to new investments and possibly a new plant.
During the regulatory approval period prior to closing the transaction, Medley will continue to be managed by Sanofi, ensuring continuity of operations, the companies said.
Officially launched in 2014, EMS replaced the NC Group brand. With a history spanning more than 60 years, it currently employs around 12,000 direct employees.
(Reporting by Paula Arnd Laier and Luciana Magalhaes; Writing by Isabel Teles and Luciana MagalhaesEditing by Tomasz Janowski and Andrei Khalip)
