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 direction of the CD&R investment fund. Sanofi confirmed on Friday, October 11, that it had begun negotiations with the US fund to sell 50% of its consumer health subsidiary, Opella. The valuation, not specified, would be close to 16,000 million euros, according to consistent sources.
The day before, Sanofi’s board of directors had decided between the two rival offers. 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. Less financially equipped than its rival, PAI was supported by foreign capital, Abu Dhabi’s sovereign wealth fund ADIA and Singapore’s GIC.
The fact that the PAI, at the head of this consortium, is a French actor could have given it an important 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 to want to give its international shareholders a guarantee of independence from the French authorities, who are closely monitoring the matter. A decision that occurs in a turbulent political context, with a fragile government.
Innovative medicines
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. In addition, Bpifrance should participate in the financing round. 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 have a ship of eleven thousand employees, present in one hundred and fifty countries, with more than a hundred brands, including Doliprane, Dulcolax, Lysopaïne and even Maalox. , 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 medicines. Sanofi had developed two potential scenarios, that of a sale or an IPO, such as the choice made by the British laboratory GSK in 2022, during its separation of its consumer health division, Haleon, or the American Johnson & Johnson with Kenvue , in May. 2023.
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