Wires

UPDATE 1-Sanofi agrees to sell Seprafilm to Baxter for $350 mln

(Writes through with confirmation from Banker)

PARIS, Dec 2 (Reuters) - Medical supply company Baxter International Inc said on Monday it had agreed to buy Sanofi's Seprafilm unit, which makes specialist surgical products, for $350 million in cash.

The deal should close by the end of the first quarter of 2010, Baxter added in a statement confirming the purchase, which was reported earlier by Reuters.

France's Sanofi is conducting a broad strategy review under new chief executive Paul Hudson, who will give some initial pointers on which businesses he wants to focus on at an investor day on Dec. 10.

Sanofi took on Seprafilm, which is used to help manage bleeding in abdominal and pelvis operations, in 2011 as part of its purchase of Genzyme.

A spokesman for Sanofi declined to comment. (Reporting by Matthias Blamont; Writing by Sarah White; Editing by Richard Lough)