The State, the pharmaceutical group Sanofi and the American investment fund CD&R found “a tripartite agreement” for the sale of the Opella subsidiary, which notably markets Doliprane, to this investment fund, Bercy indicated this Sunday.
“We have obtained guarantees for the maintenance and development of Opella in France”indicated the Minister of the Economy Antoine Armand on X. “Our demands on employment, production and investment will be respected. For Doliprane and other essential medicines in the country.” The minister confirms that “the State, via BpiFrance, will be a shareholder to ensure this.” “We have reached the highest possible level of guarantees in the discussions” with Sanofi on this issue, the offices of the Ministers of Economy and Industry then clarified.
This Monday morning, Sanofi confirmed that it was joining forces with the American investment fund CD&R to potentially cede control of its Opella subsidiary. “Sanofi and CD&R have entered into exclusive negotiations for the potential sale and acquisition of a 50% controlling stake in Opella”according to a press release from the French group which specifies that the CD&R offer is “firm and fully funded”. Opella’s valuation is based on an enterprise value of around 16 billion euros, Sanofi emphasizes.
Sanofi will remain “a significant shareholder” and the public investment bank “Bpifrance should participate as a minority shareholder of around 2%”, Sanofi specifies in its press release.
“Ensure the maintenance of the conditions” demanded by the government
Enter the capital “allows you to be on the board of directors, to be in governance to ensure that conditions are maintained” demanded by the government in this matter, declared this Sunday morning the Minister responsible for the Budget and public accounts, Laurent Saint-Martin, on France Inter.
Asked about the role of Bpifrance in this matter, the general director of the public investment bank, Nicolas Dufourcq, said he was on his side “agree to go with the winner of the auction“, in an interview in La Tribune on Sunday. He underlined the legitimacy of Bpifrance in becoming a co-shareholder, recalling the public bank’s investments in health.
For several days, the government was trying to reassure on the future of the French sites of Opella and Doliprane by increasing the number of declarations on the written commitments requested from stakeholders in terms of employment and security of supply.
250 million boxes will continue to be produced in France
The Government detailed this Monday morning the tripartite agreement reached between the State, the Sanofi group and the American fund CD&R. This is a “extremely demanding, extremely precise agreement, with extremely strong guarantees”insisted the Minister of the Economy Antoine Armand during a speech in Bercy. Among the guarantees required, there is the figure of 250 million boxes, which will continue to be produced in France.
Antoine Armand a promis “firm, immediate and very significant sanctions”in the event of non-compliance with the three guarantees required by the State: maintaining production of Doliprane in France, maintaining employment and maintaining headquarters.
The Minister of Industry, Marc Ferracci, detailed the possible sanctions in figures. Maintaining production comes with a sanction “could go up to 40 million euros if by chance production were to stop”. “For each economic dismissal, a penalty of 100,000 euros will be applied”he explains. In the event of non-compliance with the production of 250 million boxes of Doliprane, “the planned sanction can go up to 100 million euros”continues the Minister of Industry.
Furthermore, the American fund CD&R undertakes to invest, following this agreement, “70 million euros over five years cumulatively”announces Marc Ferracci. It is written “black on white”he indicates.
