Drug Duels

In Pharma, If You Can't Join Them, Beat Them

Advent is preparing to take on a drugmaker it tried and failed to buy.
Photographer: Antoine Antoniol
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After losing out on one of the biggest leveraged buyouts in recent years, Advent International Corp. is getting its own back.

The private equity firm is in exclusive talks to buy Sanofi's European generic drugs business -- almost a year after trying to land German peer Stada Arzneimittel AG and being outbid by Bain and Cinven.

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In Pharma, If You Can't Join Them, Beat Them