By Johann Corric

PAI partners submitted an improved bid for Sanofi's consumer health business, in an attempt to reenter the race for what could be one of the pharma industry's biggest deals this year.

The French private equity fund raised its bid by around 200 million euros ($217.2 million) and commits to keeping Opella's head-office and main decision-making bodies in France, according to unnamed sources first reported by Le Figaro and later confirmed by L'Agefi.

The offer ranks above rival-bidder Clayton Dubilier & Rice's price offer of around 15 billion euros. The proposal further includes a 60 million-euro investment plan to keep jobs in France over the next five years.

The move comes after the French pharmaceutical company confirmed last week that it was in negotiations with CD&R over a potential sale of a 50% controlling stake in Opella. A potential transatlantic takeover of the Doliprane producer by a foreign fund subsequently sparked a political debate in France.

CD&R, which raised $26 billion last year, is well acquainted with the American market, where Opella generates almost a quarter of its sales, compared with around 10% in France. Unlike CD&R, which positioned itself alone in the Opella deal, PAI Partners joined forces with the Abu Dhabi sovereign wealth fund and a Canadian pension fund for a potential takeover.

This story was translated in whole or in part from a French-language version initially published by L'Agefi-Dow Jones.

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(END) Dow Jones Newswires

October 17, 2024 12:06 ET (16:06 GMT)

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