Sanofi is turning the page on Doliprane. After more than half a century in the fold of 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 chosen to enter into exclusive negotiations with the American fund in order to sell its consumer health subsidiary, Opella, for more than 15 billion euros.
The Sanofi board of directors decided on Thursday, October 10, between the two offers in the running. That of CD & R, on the one hand, and that of the French investment fund PAI Partners. It was the price, it seems, that was decisive. The American fund offered a higher valuation than PAI. The latter, on the other hand, had brought substantial social commitments. The fact that PAI is a French player could have given it a significant advantage, in order to keep 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 anchoring is assured in the short term. Sanofi will, in fact, retain around 50% of the capital for a few more years, before probably disengaging within five years. Bpifrance should participate in the round table in a second phase. This operation will be subject to the control of foreign investments, health being one of the sectors where France has put in place safeguards to protect its sovereignty, particularly in terms of security of supply.
If this takeover goes through, CD & R will get its hands on 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 food supplements subsidiary in October 2023. The group then justified its choice to sell Opella by its desire to concentrate its investment efforts on the development of innovative medicines, more lucrative. Sanofi had developed two potential scenarios, that of a sale or an IPO, like the choice made by the British laboratory GSK in 2022 when it separated from its consumer health division, Haleon.