Sanofi: The Future of Doliprane Becomes a Little Clearer

Sanofi has promised a decision "in the coming weeks" on the future of Opella, its over-the-counter drug subsidiary (Doliprane, Lysopaine...), following a week that shed some light on potential buyers.

"We will choose the best option in the coming weeks," a spokesperson for the French pharmaceutical group said on Friday. "We are keeping all options open, including a stock market listing or a sale" to a buyer, they added.

According to information released in the press throughout the week and later confirmed by sources close to the matter, Sanofi received two offers from investment funds this week for Opella, the consumer division it plans to sell, which employs 11,000 people.

The first offer is led by the French fund PAI Partners, backed by the Abu Dhabi fund Avia, Singapore's GIC, and Canada's BCI.

The second offer comes from the American fund CDR. Both offers "converge" on a valuation of Opella at 15 billion euros, according to a report on Friday by *La Lettre* (formerly *La Lettre A*), confirming amounts already mentioned earlier in the press.

The third scenario would be an initial public offering (IPO) for Opella, with the French group retaining a stake.

The Élysée Palace and the government are closely following this highly symbolic matter, as paracetamol—the active ingredient in Doliprane—was in short supply in pharmacies for several months starting in late 2022.

On Tuesday, the new Minister Delegate for Industry, Marc Ferracci, emphasized that he "addressed the Opella issue as soon as he took office."

"The tools the government has put in place in recent years, notably the control of foreign investments in France, provide leverage to secure this operation," he said.

This, according to many observers, is a way of indicating that the government does not oppose the entry of foreign capital into Opella’s ownership by principle.

According to *La Lettre*, a Sanofi board meeting was held on Thursday to review the offers.

Source: AFP, September 27, 2024

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