Multinational company Sanofi Bangladesh has changed its name this time. Synovia Pharma plc has been renamed after the acquisition of Beximco Group Company. The company started operations under a new name on April 1.

In January last year, Beximco Pharma acquired the Bangladesh stake in Sanofi, a multinational pharmaceutical company. Beximco Pharma bought a majority stake in Sanofi for 35.5 million pounds, or about 411 crore Bangladeshi rupees (at that time the exchange rate was 115.60 rupees per pound). An agreement was reached between the two organizations on January 21.

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The acquisition will bring positive changes for all, the company said in a statement issued yesterday. At the same time the company will work to ensure better and quality service for customers and partners. Through this, the company will reach a stronger and more competitive position.

The statement further said that despite the name change, Sinovia Pharma will continue to produce and market Sanofi products in Bangladesh as before. Besides, new products and services will be introduced considering the local demand.

The name synovia is derived from the French word synergy (cooperation) and the Latin word vita (path). Last year, Sanofi Bangladesh Limited, a French pharma company, sold its stake in the country. On October 1, Beximco Pharmaceuticals bought Sanofi shares and officially acquired the company