March 19 (Reuters) - International Flavors & Fragrances ( IFF )

said on Tuesday it would sell its pharma solutions

business to French plant-based ingredients maker Roquette in a

deal valued at $2.85 billion, as it looks to focus on

higher-margin businesses.

The move comes at a time when IFF is seeing demand slow for

its food ingredients and solutions segment, especially from

end-users such as consumer goods companies, amid higher interest

rates and inflationary pressures.

Bloomberg News had first reported in October that the

chemicals company was working with an adviser to explore a

potential sale of the business that could fetch about $3.5

billion in sale.