Sanofi To Buy Brazil's Medley

French drug maker said Thursday it is buying Brazil's third-largest pharmaceutical company for $662 million.

PARIS (AP) -- French drug maker Sanofi-Aventis SA said Thursday it is buying Brazilian pharmaceutical company Medley for 1.5 billion reals (euro500 million, $662 million).

Medley is Brazil's third-largest pharmaceutical company with annual sales of 458 million reals, Sanofi-Aventis said in a statement.

Medley is the country's No. 1 maker of generic medicines with a portfolio of 127 products, from where it gets two-thirds of its sales. Paris-based Sanofi-Aventis said it expects the market for non-patented drugs to grow by 20 percent a year.

The deal should be completed before the end of June, Sanofi-Aventis said.

Sanofi-Aventis shares were trading 0.5 percent lower in Paris midday trade, at euro41.78 ($55.28).

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