Despite the outcry over the proposed sale of France's iconic little yellow box of paracetamol, Doliprane, Sanofi is maintaining its intention to hand over control of its over-the-counter drug unit, Opella, to investment fund CD&R. The pharmaceutical company announced on Monday, October 21, that it had entered into exclusive negotiations with the American fund, with a view to selling it 50% of Opella, its consumer healthcare division, which notably includes Doliprane. The French state will become a minority shareholder in the company, with an investment of €100 to €150 million, or 1% to 2% of the capital, through the state-owned institution Bpifrance. This investment will give the French government a seat on Opella's board of directors. The French economy ministry said it was pleased that "after several days of dialogue, an unprecedented agreement [has] been reached covering all the requirements set by the French government," in particular with regard to production and employment in France, together with financial penalties in the event of non-compliance.
The French pharmaceutical company, which stated that CD&R's offer is "firm and fully financed," will retain 48% of its subsidiary's capital. Chaired by Frédéric Oudéa, Sanofi's board of directors ratified the decision at a meeting on Sunday, October 20. The transaction, which valued Opella at around €16 billion, should be finalized in the second quarter of 2025 at the earliest. The laboratory's announcement came as no surprise. Ten days ago, the pharmaceutical group had indicated that it had opted to pursue discussions with the US investment fund CD&R, eventually ruling out the other finalist in the takeover race, the consortium led by the French PAI Partners.
Having been beaten to the punch, the consortium made a last-ditch attempt by submitting a new offer to the laboratory on Thursday, raising the amount proposed in its previous bid by €200 million. But without success. Far from winning over Sanofi's board, this impromptu proposal was met with a scathing reply from the pharmaceutical company that very evening, leaving little doubt as to PAI Partners' chances of getting back into the fight.
One unknown factor, however, was the position of the French State. Faced with the general outcry provoked by the sale of Opella, the government tried to defuse the situation. On October 14, Economy Minister Antoine Armand announced during a visit to the Lisieux plant in Normandy, one of the main Doliprane manufacturing sites in France, that the sale of the company would be subject to the signature of a tripartite agreement, not excluding, as a last resort, blocking the sale if Sanofi and CD&R refused to comply with the State's demands.
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