The government is asking for a “exhaustive assessment” of public aid that the pharmaceutical group Sanofi has received over the last ten years, announced Tuesday the Minister of the Economy Antoine Armand, confirming the “possible presence of the State on the board of directors” d’Opella, which markets Doliprane.
“I have launched work on Sanofi which requires an exhaustive assessment of all the public support measures from which the company has benefited over the last ten years”declared the minister, questioned before the National Assembly on the anticipated sale of this consumer health entity by Sanofi to the American investment fund CD&R.
“Because yes, we support businesses, yes, we support employment and industry, but this cannot be done anyhow and under any conditions”he said.
Mr. Armand, who visited the Doliprane production site in Lisieux (Calvados) on Monday, listed again the “very specific commitments” discussed with the stakeholders of the transaction in terms of job retention, industrial footprint, headquarters location and research and development.
“We are ready to request sanctions and the study of an investment” public “so that these commitments are kept”he repeated. Moreover, “the entire procedure for controlling foreign investments” in France will be mobilized if the sale were to be confirmed, he insisted.
The Minister of the Economy Antoine Armand and the chairman of the board of directors of Sanofi Frédéric Oudéa, during the minister’s visit to the Doliprane production site, in Lisieux, October 14, 2024 / LOU BENOIST / AFP
Questioned in the evening in Les Echos about a possible stake in Opella by a public actor such as the public investment bank Bpifrance, the chairman of the board of directors of Sanofi, Frédéric Oudéa, assured that “all subjects are on the table”.
“But the most effective option is the commitments we will make. Sanofi is a responsible player who has always taken into account its French roots”says the leader.
Frédéric Oudéa believes that the “Sanofi’s decision to retain 50% of the capital” during this possible sale is the ” guarantee “ of this ” anchoring “ in France, notably by giving his group “a right of veto over major strategic decisions”.
“The sale of Opella is a story of growth. (…) This sale is not a story of restructuring”he adds.
The French pharmaceutical group announced on Friday that it had chosen the CD&R investment fund to potentially cede control of its consumer health entity Opella, which markets Doliprane.
This possible transfer raises strong concerns among public opinion and the political class for issues of health sovereignty and jobs.
Opella markets around a hundred brands other than Doliprane, which is not known outside France.