The French investment fund PAI has improved its offer “up to an additional 200 million euros” for the takeover of the Sanofi subsidiary, Opella, which markets Doliprane, a source close to the fund indicated on Thursday, October 17.
“An improved offer was made to the tune of an additional 200 million euros”which makes PAI “the best financial bidder” and “a social point of view too” in this file, according to this source, who did not specify either the amount of the competing offer or its own.
Sanofi announced last week that it was negotiating with the American investment fund CD&R in order to potentially sell it 50% of Opella, its subsidiary which markets around a hundred brands of over-the-counter products around the world.
CD&R still the big favorite
“We can be part of the solution”estimates this source while the issue arouses strong emotion in public opinion and strong concerns in the political class and among Opella employees due to the attachment of the Doliprane brand in French society.
Before proceeding with this bidding war, an offer from the French fund PAI Partners, supported by the funds of Abu Dhabi Avia, Singaporean GIC, and the Canadian BCI, was submitted on Thursday “at an equivalent price” to that of CD&R, according to this source.
Sanofi, however, set its sights on CD&R by taking into account strategic criteria, notably the fact that the United States is Opella’s leading market with nearly 25% of its turnover.
Questioned early Thursday afternoon, Sanofi declined to comment.
