FT ONLINE

Sanofi Bangladesh Limited has officially informed the decision of closing operations in the country to its officials and employees, sources said.

High-ups of the France-based global drug giant, including its Bangladesh country chair Ramprasad Bhat and managing director Muin Uddin Mazumder, held a marathon meeting with the company staffers in this regard at a city hotel on Monday.

In the meeting that lasted for several hours, local management of the company made the announcement about its exit from Bangladesh. Several people, who attended the meeting, have confirmed the development.

Seeking anonymity, they said the company high-ups officially came up with such an announcement for the first time since the news of Sanofi's departure was published in country's leading financial news portal 'The Finace Today' on September 14.

The company is now looking for a third party for handing over its responsibility, the meeting sources said, citing the high-ups of the company. The company also informed them that it has not found any third party yet.

Despite exit, its products will be available in Bangladesh through local importers or distributors' channels, according to them.

But the company management did not give any clear message about the claimed compensation of the staffers, they further said.

Sanofi has been producing key life-saving drugs like Taxotere, Eloxatine, Lantus, Apidra, Insuman, Epilim and Avil for the last six decades.

The French drug giant holds 54.64 percent of its stake here, while the Ministry of Industries and the Bangladesh Chemical Industries Corporation (BCIC) owns 25.37 percent and 19.96 percent stake respectively.