France, Aug. 4 -- France's top generic drug maker, Biogaran, could soon be sold to a British investment fund, raising new fears about the country's control over vital medicines.

French pharmaceutical group Servier has entered exclusive talks with BC Partners, a UK-based fund, to sell Biogaran. The deal has drawn attention from both the markets and political leaders.

If completed, it would reopen the debate over France's so-called "health sovereignty" at a time when drug shortages are becoming more frequent across Europe.

Servier has not disclosed the price, but people familiar with the talks said the offer could be worth between €800 million and €1 billion. That is in line with what BC Partners proposed last year before she...