Sanofi India, previously known as Aventis Pharma, has announced that its board of directors approved the sale of its nutraceuticals business to Universal Nutrisciences for a total of INR5.87bn ($79m).

Universal Nutriscience is a joint venture between Indian private equity firm Kedaara Capital and nutraceuticals company Universal Medicare.

The sale involves the transfer of Sanofi India’s 16 nutraceutical brands in the portfolio, including Seacod, E-Cod, CoQ, Primosa and Collaflex, to Universal Nutriscience.

Also, the transaction is expected to see the smooth transition of all employees associated with Sanofi India’s nutraceutical business to Universal Nutriscience.

It is expected to close within the coming three months, subject to certain closing conditions.

Kedaara Capital CIO and managing partner Nishant Sharma said: “We are excited to be chosen by Sanofi India to acquire their Nutraceuticals portfolio. At Universal Nutriscience, our vision is to become India’s leading Nutraceuticals company.

“We are committed to building a focused Nutraceuticals business backed by three decades of experience in R&D and manufacturing to provide end-to-end scientifically-backed products and services.

“We will leverage the strong foundation of the business we are inheriting, including the established brand equity and experienced and knowledgeable team, to build a Nutraceuticals business that will be admired by consumers, healthcare professionals and other stakeholders in the eco-system.”

With the transaction, Sanofi India is enabled to focus on its growth, while facilitating the nutraceuticals business to expand with a strategically suitable organisation.

The company has completed a strategic review of its portfolio and believes that the future potential of the nutraceuticals business would be maximised in Universal Nutriscience.

Its growth strategy includes providing patients with sustainable access to its medicines by developing new business models, using new technologies and simplifying its portfolio.

Deloitte Corporate Finance served as an exclusive financial advisor to Sanofi India on the transaction.

Sanofi India managing director Rajaram Narayanan said: “We have carefully selected Universal Nutriscience whose mission is to grow the business to provide more patients with increased access to the range of Nutraceuticals across India.

“Together, we are committed to ensuring a smooth transition for the benefit of our employees, our customers and the patients of India.”

Earlier this month, Sanofi agreed to divest eight of its consumer healthcare products sold in Latin America to Brazil-based Hypera Pharma for an undisclosed amount.