NEW YORK (TheStreet) -- Sanofi (SNY) reportedly held talks with Abbott Laboratories (ABT), Mylan (MYL) and private equity firms over the possible sale of a $8.5 billion portfolio of mature drugs, according to an internal document seen by Reuters.
The 25-page document details a plan presented to the company's investment committee on May 6 called the "Phoenix project."
It shows Sanofi is considering whether to sell, carve out or create a joint venture for a portfolio of some 200 mature drugs that includes blood thinner Plavix, anti-epileptic Depakine and antibiotic Pyostacine, Reuters reports.
Shares of Sanofi are up.29% to $51.58.
TheStreet Ratings team rates SANOFI as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate SANOFI (SNY) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in net income, expanding profit margins and growth in earnings per share. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."
Highlights from the analysis by TheStreet Ratings Team goes as follows: