Sanofi Clinches Deal to Sell European Generics Unit to Advent

Sanofi reached a final agreement to sell its European generic-drug unit to buyout firm Advent International Corp. for 1.9 billion euros ($2.2 billion) as part of a broader move by Chief Executive Officer Olivier Brandicourt to focus resources on biotechnology and new medicines.

The companies signed a contract following Advent’s binding offer, which was announced in April, Sanofi said in a statement Thursday, adding the deal is expected to close in the fourth quarter.

Brandicourt has undertaken a series of transactions to shift Sanofi toward businesses with more potential for growth. The company has announced about $16 billion of deals ...