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The French laboratory has chosen to open exclusive negotiations with the American fund CD&R, which offered more than 15 billion euros to acquire “50% or more” of its subsidiary Opella, which notably produces Doliprane.
Doliprane will ultimately be American. On Thursday, Sanofi’s board of directors met to decide who, the French PAI combined with other foreign funds or the American CD&R, would buy part of its division dedicated to consumer health. According to information from Echoes confirmed at Figarothe French laboratory entered into exclusive negotiations with CD&R. The fund would offer 15.5 billion euros, for 50% or more of Opella, a sum higher than that offered by PAI, allied with the sovereign funds of Abu Dhabi and Singapore. This entity, which also markets Dulcolax, Lysopaïne, and Maalox, represents 12% of Sanofi’s current turnover, and employs 11,000 employees.
Sanofi should officially communicate its decision this Friday. However, the government did not wait for this announcement to react. CD&R «is a serious investment fund which presents positive prospects for the overall development of Opella as well as for the sites established in France», Underlined the office of the Minister Delegate for Industry, Marc Ferracci, Thursday evening. In France, the American fund has in the past invested in Conforama, then in difficulty, Rexel and Spie.
Commitments from CD&R
If France only represents 10% of Opella sales, the presence of Doliprane in its portfolio makes it a French totem. On several occasions and again on Thursday evening, the government clarified that it would remain vigilant about the industrial footprint of the company, Doliprane, in particular, being produced in France. It has tools, within the framework of the control of foreign investments, to ensure this. “A certain number of economic commitments will be required from Sanofi and the future buyer CD&R, he explains. These aim in particular to guarantee the maintenance of the headquarters and decision-making centers on the national territory, and to preserve the industrial footprint of Opella“. The company operates 13 production sites around the world, including two in France.
Unlike the Biogaran case, the Ministry of Industry does not seem to want to thwart this operation for the moment. He believes that the choice of Sanofi “does not call into question either the production in France of Doliprane or other essential medicines produced by Opella in France, nor the supply of the French market“. The file is also being closely followed at the Élysée and Alexis Kohler, its secretary general, received CD&R last week.
This proposed sale does not call into question either the production in France of Doliprane or other essential medicines produced by Opella in our territory, nor the supply of these medicines to the market. »
Marc Ferracci, French Minister in charge of Industry
Sanofi announced its intention to spin off this consumer health division a year ago – a move that most of its competitors have already made. Pfizer and GSK thus separated from Haleon, now listed on the stock exchange, and Johnson & Johnson from what would become Kenvue (Neutrogena, Aveeno and Listerine, etc.). The objective of Sanofi, like its competitors, is to be able to concentrate on the development of innovative drugs, an activity very different from general public health, closer to the world of mass consumption.
The current general manager of Opella, Julie Van Ongevalle, spent part of her career at Estée Lauder before joining Sanofi. With a turnover of 5.3 billion euros in 2023, Opella is the world number three in a very fragmented sector, behind Haleon and Kenvue. In 2020, the company was still losing market share. Since then, the brand portfolio has been dusted off, retaining only 45%. Sanofi has focused its efforts and investments on 15 major brands, which today represent 80% of turnover. Its portfolio was also enriched with the acquisition of Qunol last year, in the very buoyant food supplements segment.