French healthcare group Sanofi, which employs 700 people in the Republic, is in exclusive talks to sell its Zentiva European generics drugs arm to private equity firm Advent International for €1.9bn.

French healthcare group Sanofi has agreed to buy US haemophilia specialist Bioverativ for $11.6bn (€9.5bn), its biggest deal for seven years, which it said would strengthen its presence in treatments for rare diseases.

Sanofi says it has sent a letter to Medivation’s board, urging the company to engage in negotiations regarding the French drugmaker’s unsolicited $9.3bn (€8.1bn) takeover offer and threatening to go directly to shareholders if talks don’t begin.