The French firm Groupe Cegedim purchased the direct marketing arm of Atlanta-based pharmaceutical marketer Synavant for $43.5 million, the companies said Sunday.
Synavant said it decided that its direct marketing business unit was no longer part of its core business strategy. The DM unit generated $50 million in revenue in the 12 months ending in September 2002.
Proceeds of the sales will be given to shareholders, Synavant said, though the form of the transfer has yet to be decided. Synavant also said it would review its other business units and decide whether to invest more resources in them or consider other transactions.
The purchase expands Groupe Cegedim's presence in North America. Groupe Cegedim also specializes in pharmaceutical marketing.
