(Reuters) – Sanofi announced on Friday that it had entered into negotiations with the American private equity fund Clayton Dubilier & Rice (CD&R) to sell it a 50% controlling stake in Opella, its consumer health division which notably holds the Doliprane brand.

The French pharmaceutical group did not provide details on the terms of the agreement, specifying that “further information on the potential separation of Opella will be communicated in due course, once a decision has been made”.

Les Echos and Le Monde reported on Thursday that negotiations were underway between Sanofi and CD&R with a view to a sale of Opella.

According to Les Echos, CD&R proposed a price of 15.5 billion euros for the targeted participation, a valuation which would represent 11 to 13 times the operating profit of the consumer health division.

“Opella’s potential independence project is part of Sanofi’s strategy to focus on innovative medicines and vaccines,” Sanofi said in its statement.

The pharmaceutical giant describes Opella as “an autonomous entity within Sanofi, with dedicated resources for R&D, production, digital, and with its own sustainable development roadmap.”

According to Sanofi, its consumer health subsidiary employs more than 11,000 people and achieved growth of 6.3% at constant exchange rates in 2023.

The American CD&R was in competition with the French fund PAI Partners for the purchase of a stake in Opella.

GUARANTEES

The possibility of a sale of a stake in Opella to a foreign actor is being closely monitored by the French government.

In a press release, Antoine Armand, Minister of the Economy, Finance and Industry, and Marc Ferracci, Minister Delegate in charge of Industry, say they have taken note of these discussions and recalled that economic commitments will be required in the event of All right.

The “government wishes to preserve and develop these economically efficient sites” in France, they said.

“We have indicated that a certain number of economic commitments will be required from Sanofi and the future buyer CD&R,” they added.

They ask to guarantee the maintenance of the headquarters and decision-making centers in France, to preserve the French industrial footprint of the subsidiary and to ensure market supply to protect “the health security of the French”.

Bercy also recalled the possibility, for the State, of mobilizing its system for controlling foreign investments in France.

Sanofi shares, which have gained 11.8% since the start of the year, fell 0.26% at 08:12 GMT on the Paris Stock Exchange. The CAC 40 advanced 0.12% at the same time.

(Written by Mara Vîlcu and Florence Loève, edited by Augustin Turpin and Kate Entringer)

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