Bpifrance SA

Sanofi is currently in "exclusive talks" with U.S. private equity firm Clayton, Dubilier & Rice (CD&R) to sell a 50% controlling stake in its consumer healthcare business Opella. The French government has confirmed a commitment from CD&R, based in New York, to ensure that Opella's production facilities in France will remain intact and that there will be no disruption to the supply of drugs to the country, removing a potential obstacle to the deal. Sanofi said the proposed deal valued Opella at 16 billion euros and stressed that CD&R's offer for a 50 percent stake was "binding and fully funded." In addition, French public sector investment bank Bpifrance plans to buy a 2% stake in Opella and take a seat on its board. The deal, expected to close "at the earliest" in the second quarter of next year, will see Sanofi step up its investment in innovative drugs and vaccines and mark the French drugmaker's formal joining the ranks of biopharmaceutical giants Johnson & Johnson, Pfizer and GlaxoSmithKline. "With this transaction, Sanofi will be able to focus even more on providing innovative treatments for patients suffering from debilitating or fatal diseases and viruses, such as RSV, COPD or multiple sclerosis," Sanofi CEO Paul Hudson said in a press release. Analysts at ODDO BHF supported the decision, arguing that a divestiture or partial divestiture of the consumer business would allow Sanofi to reallocate capital to research and business development, and recommended that Sanofi use some of the capital to offset the financial impact of the divestiture through share buybacks. Hudson first floated the idea of spinning off the consumer health division last October. Since then, CD&R and PAI Partners, another private equity giant, have made separate bids for Opella. Earlier this month, Reuters reported that CD&R had made a formal offer to buy 50 percent of Opella's consumer healthcare business. Last week, Sanofi said it was surprised by PAI's move to raise its 200 million euro offer after the deadline. Sanofi's commitment that Opella would continue to operate in France followed a call by French unions for workers to strike on Thursday in protest at the deal. Opella is a leader in over-the-counter medicines, vitamins, minerals and supplements. Its product line includes the well-known antihistamine Allegra, non-opioid painkiller Doliprane, stomach cramping relief Buscopan, Selsun Blue shampoo, and pain treatments Icy Hot and Gold Bond, among others. Opella employs 11,000 people in 100 countries and generated sales of 5.2 billion euros ($5.6 billion) in 2023, accounting for 11% of Sanofi's total revenue. In addition, the company operates 13 production sites and four research and development innovation centers.

PARIS, Oct. 21, 2024 /PRNewswire/ -- Okomera announces Bpifrance funding to develop and standardize novel CRISPR screening assay to accelerate drug discovery in oncology with leading cancer research center of Marseille, CRCM. Okomera is developing desktop platform for automated organoid screening using droplet-microfluidics and AI to accelerate drug discovery. Their patented tech developed after 10 years of research at Pasteur Institute and Ecole Polytechnique, provides Multiplexing, Co-culture and High-throughput screening of drug candidates on miniaturized Patient Derived Organoids (PDOs). Continue Reading Raphael Tomasi, CTO & Co-Founder of Okomera "We are honored to receive this grant from Bpifrance," said Sidarth Radjou, CEO of Okomera. Dr. Thomas Miller, Principal Investigator at IPC and CRCM, emphasized the significance of this collaboration: "This partnership is an extraordinary opportunity to advance our understanding of cancer biology. By developing and standardizing a CRISPR screening assay that can be directly applied to PDOs, we can create more accurate disease models. This will not only improve our ability to study cancer mechanisms but also enhance our capability to identify new therapeutic targets and develop more effective treatments." "We are thrilled to embark on this collaboration, as it offers an unprecedented opportunity to leverage cutting-edge technologies in cancer research," said Dr. Geraldine Guasch, Research Director Inserm at CRCM and Scientific Director of the 3D-HUB-O organoid platform. "By integrating CRISPR technology with Okomera's advanced organoid screening platform, we are setting the stage for more precise and effective therapeutic strategies. This project represents a significant step forward in translating scientific discoveries into tangible clinical applications, ultimately bringing us closer to improving outcomes for cancer patients." Corentin Molson, representing Bpifrance, commented: "Bpifrance is proud to support Okomera in this pioneering effort. Their innovative approach to developing and standardizing CRISPR screening on PDOs reflects our commitment to fostering innovation in healthcare. This project has the potential to make significant contributions to the field of precision medicine and improve outcomes for cancer patients." We would also like to recognize the contribution and assistance provided by AstraZeneca to support the successful grant application. About Okomera, visit our website: Paoli-Calmettes Institute: Based in Marseilles, Paoli-Calmettes Institute (IPC) is the first cancer comprehensive centre in region providing global care for cancer. It is a member of the national federation Unicancer. Further information: Photo - Logo - Contact: Sidarth Radjou, CEO [email protected] SOURCE Okomera WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In GET STARTED

Dive Brief:French pharmaceutical company Sanofi is proceeding with plans to sell U.S.-based private equity firm Clayton Dubilier & Rice a controlling stake in its consumer health busines Opella, which would be valued at around 16 billion euros, or about $17.3 billion, in the deal.Under the proposed terms, CD&R would take a 50% stake in Opella, while Bpifrance, the state-owned investment bank of France, would become a minority shareholder holding about 2%.Sanofi expects the deal to close in the second quarter of 2025 at the earliest. The resulting cash infusion would give Sanofi more resources to pour into its biopharmaceutical drugs business.Dive Insight:The pharmaceutical industrys conglomerate era is coming to an end. Sanofis decision to divest part of its consumer business mirrors that of other large drugmakers, many of which now favor more focused bets on high-margin pharmaceuticals. GSK, Johnson & Johnson, Pfizer and Novartis have all sold or otherwise divested consumer health arms.We will support Opella on its path to become an independent company, said Sanofi CEO Paul Hudson in a statement Monday. At the same time, Sanofi can focus even more in bringing innovative solutions to patients suffering from debilitating or life-threatening diseases or viruses such as RSV, COPD, or multiple sclerosis.Sanofi has been discussing its plans to sell off part of Opella for months, but didnt officially announce negotiations with CD&R until earlier this month.Those talks are now proceeding exclusively, shutting out the French private equity firm PAI Partners, which, also bid for Opella. PAI had attemped to raise its bid after a deadline set by Sanofi, according to Reuters.There were concerns that a sale to an American firm might result in job losses in France, where Opella is headquartered. Bpifrances involvement appears designed to address that issue. Frances economy minister, Antoine Armand, said on the social media platform X that the French government had obtained guarantees on the maintenance and development of Opella in France, per the Guardian.Strict compliance with these commitments will be ensured by our presence, through BpiFrance on the Opella board of directors and by unprecedented financial penalties in the event of failure, Armand said in the post.Sanofi expects to receive a cash payment for the stake its divesting upon the deals closing. The company also updated its earnings per share guidance, and now expects its 2024 business EPS to grow by at least a low-single digit percentage at constant exchange rates.The maker of brands like Allegra and Doliprane, Opella employs some 11,000 staff across 100 countries. It operates 13 manufacturing plants. '