The drugmaker could decide to spin off the business via an IPO if the offers are not deemed sufficiently attractive. A few weeks ago, rumors had been circulating about a slightly higher valuation target of around $20 billion.

PAI is reportedly seeking to attract British Columbia Investment Management Corp. to help finance its offer. The fund is also in talks with the Abu Dhabi Investment Authority and Singapore's sovereign wealth fund GIC to join the consortium, Bloomberg has also learned.

As announced in October 2023, Sanofi is studying potential separation scenarios for its consumer healthcare business, with a transaction in the fourth quarter at the earliest.

What's in Sanofi's consumer healthcare business?

The French group's consumer business has been put on track to be managed autonomously by the end of 2019. Its portfolio has been streamlined, via divestments, from 250 to 140 brands between 2020 and the end of 2022. It is divided into five main categories:

  • Allergies, coughs and colds (Allegra, Mucosolvan)
  • Pain (Doliprane, Buscopan, Eve, Dorflex, Novalgina, Icy Hot, Aspercreme)
  • Digestive health (Dulcolax, Enterogermina, Essentiale, Zantac)
  • Food supplements (Nature's Own, Pharmaton, Magné B6, Novanuit, Unisom, Drewell)
  • Soothing lotions (Gold Bond)

The division employs 11,000 people and generates annual revenues of 5.3 billion euros.

Sanofi Grand Public has renamed its unit "Opella".