Sanofi gets two bids valuing its consumer health unit at about $17 billion, Bloomberg News reports
Adds details from the report in paragraphs 2 and 4, background in paragraphs 8-10
Sept 24 (Reuters) -Sanofi SASY.PA has received two separate bids from private equity firms for its consumer health unit, which could be valued at 15 billion euros ($16.74 billion) or more, Bloomberg News reported on Tuesday.
The French pharmaceutical company is likely to make a final decision on the unit in the coming days after reviewing the offers, Bloomberg said, citing people familiar to the matter.
The drugmaker could decide to pursue a spinoff of the business if the bids aren't attractive, the report said.
Both private equity firms named in the report, PAI Partners and Clayton Dubilier & Rice, declined to comment.
PAI is seeking to rope in British Columbia Investment Management Corp. to back its bid. It has also been in talks to bring Abu Dhabi Investment Authority and Singapore sovereign fund GIC Pte into the consortium, the report added.
As announced in October 2023, Sanofi is reviewing potential separation scenarios for its consumer healthcare business with a transaction in the fourth quarter at the earliest, a Sanofi spokesperson told Reuters.
No decision has been made yet and we expect to select the best option for Sanofi and its stakeholders in the next few months, the spokesperson also said.
Sanofi has been planning to spinoff or sell its consumer unit to shore up new drug development spending at its core business.
On Monday, Sanofi CEO Paul Hudson said the company is interested in keeping a stake in the unit after the separation is done.
Rival Johnson & Johnson JNJ.N spun off its consumer health unit business Kenvue KVUE.N in May last year. GSK GSK.L and Pfizer PFE.N spun off their consumer units in 2022.
($1 = 0.8962 euros)
Reporting by Puyaan Singh in Bengaluru; Editing by Alan Barona
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