Sanofi is turning the page on Doliprane. After more than half a century within the French pharmaceutical laboratory, the iconic little yellow box is preparing to leave its parent company to begin a new life under the leadership of the CD&R investment fund. According to our information, Sanofi has reported. has decided to enter into exclusive negotiations with the American fund to sell its consumer health subsidiary, Opella, for more than 15 billion euros.
Sanofi’s board of directors decided on Thursday, October 10, between the two offers in contention. That of CD&R, on the one hand, and that of the French investment fund PAI Partners. Apparently, it was the price that was decisive. The American fund offered a higher valuation than the PAI. The latter, on the other hand, had entailed important social commitments. The fact that PAI is a French player could have given it a significant advantage in keeping Doliprane, the most consumed drug in France, under the tricolor flag.
However, by choosing an American fund, the board of directors seemed eager to give its international shareholders a guarantee of independence from the French authorities. A gesture that is all the easier in a turbulent political context, with a fragile government.
Present in 150 countries
Opella’s French anchorage is secured in the short term. In fact, Sanofi will retain around 50% of the equity for a few more years, before exiting probably within five years. Bpifrance should participate in the round table in a second phase. This operation will be subject to foreign investment control, as health is one of the sectors in which France has put in place safeguards to protect its sovereignty, particularly in terms of security of supply.
If this acquisition is completed, CD & R will take over a ship of 11,000 employees, present in 150 countries with more than a hundred brands, including Doliprane, Dulcolax, Lysopaïne and even Maalox, and which had, in 2023, a turnover of 5.2 billion euros.
Sanofi had announced its intention to separate from its non-prescription medicines and dietary supplements subsidiary in October 2023. The group then justified its decision to sell Opella by its desire to concentrate its investment efforts on the development of innovative and more lucrative medicines. . Sanofi had developed two potential scenarios, that of a sale or an IPO, like the choice British laboratory GSK made in 2022 when it separated from its consumer health division, Haleon.
