This undertaking marked an ambitious program of diversification that created a state enterprise capable of competing in the healthcare industry on an international scale. In the past two decades Sanofi has grown from a moderate concern into a major player in the French pharmaceutical industry. After merging with Synthelabo in the company sold off its cosmetics business and began focusing exclusively on pharmaceuticals. Today the combined company is the fastest growing pharmaceutical firm in Europe.
Although Sanofi was created in in order to form an amalgamation of companies, it was only in that all of its pharmaceutical activities were regrouped under a single organization. This tactic represented an effort to strengthen research activities and overseas market penetration.
Three companies, including Labaz, Parcor, and Galor, all previously affiliated with Sanofi, were now wholly absorbed, and for the first time Sanofi gained a separate stock market quotation through the issuing of public stock on the Paris exchange. While currency exchange fluctuations caused Parcor to register a profit decline in , that same year Sanofi reported an overall increase in company profits. The following year Sanofi increased its holdings by merging with the Clin-Midy division of CM Industries, a manufacturer of pharmaceuticals, veterinary, chemical, medical-surgical, and food products.
Sanofi now ranked among the leading pharmaceutical companies in France. A joint subsidiary formed in with U. In addition to expanding pharmaceutical operations, Sanofi was successful in tripling its foreign sales in the cosmetics division.
Among the products undergoing clinical testing were an antiarrhythmic, a third-generation cephalosporin, and a treatment for certain forms of cancer. In addition, research proceeded on a psychotropic drug and on an anticonvulsion drug. At the same time the company acquired a minority interest in Entremont, a dairy products firm engaged in researching biotechnological applications.
