Encube Ethicals has agreed to enter into definitive agreements with Sanofi group and its affiliates, including Sanofi India for acquiring some of its brands – Soframycin, along with other legacy-associated brands Sofradex, Sofracort, Soframycin-Tulle for India and Sri Lanka markets, a statement from Encube notified.
Speaking on the transaction, Mehul Shah, Founder and Managing Director, Encube, said, “We are committed to improving patient and consumer well-being through quality and science-based topical products. Encube’s focus of 23+ years in skincare research and manufacturing will be leveraged to make a house of skincare brands, starting with the deep-rooted legacy of Soframycin. We share a relationship of trust and respect with Sanofi and are privileged to be custodians of Soframycin in its next journey.”
Rajaram Narayanan, Managing Director, Sanofi India, said, “Across the world, Sanofi regularly assesses the best ways in which to serve patients. Accordingly, this decision has been taken to sell the brands to Encube, keeping in mind our strategic priorities and long-term road map. Together, we are committed to ensuring a smooth transition for the benefit of our customers–the patients and consumers of India and Sri Lanka, and other stakeholders.”
The transaction is expected to close within the next three months, concluded the statement.