Beximco Pharmaceuticals has changed the name of its recently acquired subsidiary Sanofi Bangladesh to Synovia Pharma Plc.
Sanofi Bangladesh was part of the global biopharmaceutical company Sanofi SA before the acquisition of a majority stake, 54.6 per cent, in the company by Beximco Pharma on Oct 1, 2021.
The change of the name has been made in compliance with the terms of the share purchase agreement between the company and the sellers, Beximco Pharma said in a filing to the London Stock Exchange on Friday, reports bdnews24.com.
The name Synovia is derived from the French word Synergie, meaning "collaboration" and the Latin word Via, meaning "path", according to the filing.
“Synovia Pharma will continue to manufacture, market and import Sanofi SA products, ensuring continued supply for patients in Bangladesh across therapeutic areas such as cardiology, diabetes, oncology, dermatology and CNS,” Beximco said.
“These treatments, as well as opportunities to introduce Sanofi's future global brands, will drive future growth of Beximco Pharma by expanding its addressable market and reinforcing the Company's commitment to ensure access to breakthrough therapies and affordable medicines.”
Beximco Pharma’s Managing Director Nazmul Hassan said the company has been focused on integrating Sanofi’s people and products since the acquisition.
“By renaming the business Synovia Pharma, we mark the next exciting step in this transition. Under this new name, we are committed to maintaining Synovia Pharma's established reputation for high-quality products and to delivering affordable treatments and breakthrough therapies to the growing market in Bangladesh,” he said.
“We are also excited to maximise the potential of Beximco Pharma's strengthened position in key therapeutic areas to drive long-term growth."