Nordic Capital Ltd. withdrew its bid to acquire Sanofi's European generic drugs unit due to high price expectations, the Financial Times reported, citing people familiar with the matter.

According to the sources, the European private equity firm was considering a team-up with U.S.-based Blackstone Group LP to acquire the unit, which Sanofi is looking to sell for up to €2 billion.

With Nordic Capital out, Advent International Corp., BC Partners Ltd. and Carlyle Group LP, as well as at least one pharma company, remain as bidders for the business, the Financial Times said.

The next deadline for bids is reportedly in April.