Sanofi, the French pharmaceutical company, sells 50 percent of its consumer healthcare division Opella to the US investment firm Clayton Dubilier & Rice (CD&R) for 16 billion euros. Additionally, the French investment bank Bpifrance acquires around two percent of the shares to mitigate political resistance to the transaction.

The decision to sell a major division to a U.S. investor has sparked significant political controversy in France. Critics fear impacts on jobs and the future of well-known brands like the paracetamol painkiller Doliprane, a household name in France. During the COVID-19 pandemic, the French government rationed paracetamol, which heightened fears of potential shortages.

Economy Minister Antoine Armand emphasized on Sunday that the government "has received assurances that Opella will be developed and maintained in France." Sanofi CEO Paul Hudson assured that "nothing will change" for Doliprane and Opella will keep its headquarters in France. "Our goal was to choose the best partner to ensure growth and success in our home market," stated Hudson.

The deal comes through despite a rival offer from French investor PAI Partners, who had increased their bid by 200 million euros at the last minute. Nevertheless, CD&R prevailed, thereby increasing political pressure as some questioned why a French company did not win the contract.

The transaction, which is expected to be completed at the earliest in the second quarter of 2025, is Europe's largest healthcare takeover this year. It also poses a test for the newly appointed French government under Prime Minister Michel Barnier. Not only opposition parties, but also members of President Emmanuel Macron's own party have voiced criticism, increasing political tensions.

Sanofi remained steadfast despite the concerns. "All candidates for a stake in Opella had the same opportunity to submit their best offer within the deadline, which was the same for everyone," the company stated regarding PAI's attempt at a second offer.