“Sanofi and CD&R entered into exclusive negotiations for potential sale and acquisition of a 50% controlling stake in Opella“, confirmed this Monday the French group, emphasizing that the CD&R offer is “firm and fully funded”.
This information led to the announcement of the suspension of the strikein progress since Thursday, by the CGT and CFDT unions of Sanofi.
On the Opella sites, in Lisieux (Calvados), dedicated to manufacturing of Dolipranethe strike was extended until Friday, but temporarily suspended in Compiègne (Oise).
“We are in the second phase, that is to say the phase of negotiations with the investment fund and Sanofi,” for the maintaining social gains and jobsestimated Adil Bensetra, deputy coordinator of CFDT Sanofi Compiègne.
“Patient culture”
“We have no information from the national leadership, we learn everything through the presswe must stop taking ourselves for imbeciles”he got carried away. “These announcements do not meet our expectations (…) we are waiting for concrete actions.”
Opella’s valuation is based on an enterprise value of approximately 16 billion eurosdetails the pharmaceutical giant, a year after announcing its intention to separate from its non-prescription medicines, vitamins, minerals and food supplements subsidiary.
The public investment bank Bpifrance will participate in the capital of this company up to “from 1 to 2%”either “between 100 and 150 million euros”, pour “ensure the French anchoring of strategic assets”specified the general director of Bpifrance, Nicolas Dufourcq, during a press conference alongside the ministers of Industry Marc Ferracci and of the Economy Antoine Armand.
“When Bpifrance is present on the company’s board of directors, we are vocal (…) if governance slips,” he warned.
Put the pressure on
At the start of the afternoon, in the rain, around thirty employees welcomed the president of the finance committee of the National Assembly, LFI deputy Aurélie Trouvé, in front of the Lisieux factory.
“Entering the capital at the level of 2% is paltry (…) either we really enter to be in the majority, or not at all”, estimated Ms. Trouvé, saying she wanted “put pressure” to Mr. Armand “during his hearing on Thursday in committee”.
Sanofi should remain a shareholder of around 48% for the moment.
Thanks to this operation, the group will be able to “concentrate even more” on innovative medicines and vaccines to become “a pure actor” biopharmaceutical, “world leader in immunology“according to Sanofi CEO Paul Hudson during a press briefing.
The potential buyer CD&R, which has been investing in France for around fifteen years (notably in Rexel, Spie, Socotec, But and Conforama), aims “to accelerate” the growth of Opella, which owns 115 brands worldwide and has 11,000 employees in around 100 countries.
This proposed sale arouses strong emotion within public opinion and the political class because it concerns a basic medication used by a large number of French people to relieve pain and fever.
“Sanctions regime”
The tripartite agreement between the State, Sanofi and CD&R, announced Sunday evening by the government, includes “the sustainability production sites in Lisieux and Compiègne”, maintaining the headquarters and research and development activities in France, protecting employment.
This agreement is “extremely demanding” with “extremely strong guarantees“ underlined Mr. Armand, insisting that the State remained on its guard without “no form of naivety”.
The agreement guarantees “maintaining minimum production volumes in France for sensitive Opella products”namely Doliprane (paracetamol), Lanzor (against digestive disorders) andAspegic (aspirin), specified MM. Armand and Ferracci.
Among the commitments is an investment objective in France, set at 70 million euros over five years cumulatively.
The agreement provides for financial sanctions “could amount to up to 40 million euros” in the event of cessation of production on the two French sites of Opella and “100,000 euros per job eliminated by forced redundancy”.
A penalty of up to 100 million euros is stipulated in the event of non-compliance with the “maintaining Opella’s supply from French suppliers and subcontractors” such as the chemist Seqens.
“40 million to stop a relocation is of no use if this relocation brings in 3 or 4 billion for the company”, denounced Aurélie Trouvé.
Completion of the transaction is expected no earlier than second quarter 2025.
