PARIS (AFP) – French drugmaker Sanofi’s confirmation that it will sell a controlling stake in its consumer health unit to a United States (US) investment fund sparked a new political backlash yesterday, stoked by fears the deal marks a loss of sovereignty over key medications.
Paris “must block the sale” using powers to protect strategic sectors, Manuel Bompard, a senior lawmaker in the hard-left France Unbowed (LFI) party, told the TF1 broadcaster.
Politicians and unions have torn into Sanofi’s proposed EUR16-billion (USD17.4 billion) deal with US investment fund CD&R for a controlling stake in Opella.
The subsidiary makes household-name drugs including Doliprane branded paracetamol – whose yellow boxes dominate the French market.
Under pressure, Prime Minister Michel Barnier’s minority government said it had secured a two-per-cent stake in Opella for public investment bank Bpifrance and “extremely strong” guarantees against job cuts and offshoring.
Opella employs over 11,000 workers and operates in 100 countries.
Sanofi said it is the third-largest business worldwide in the market for over-the-counter medicines, vitamins and supplements.
CD&R – which has a battery of investments in France – would help build Opella into a “French-headquartered, global consumer healthcare champion”, the pharma giant said in a statement.
But with memories of drug shortages during and since the COVID-19 pandemic still raw for many, critics say the defences are too weak.
A small stake “won’t give the French state a say in strategic decisions” at Opella, said Bompard, whose LFI dominates a left alliance that is the largest opposition group against Barnier and President Emmanuel Macron.
Thomas Portes, also of the LFI, posted on X that the government had offered “no guarantees, just words”.
Economy Minister Antoine Armand said a contract between CD&R, Sanofi and the government included maintaining production sites, research and development and Opella’s official headquarters in France, as well as investing at least EUR70 million over five years. It covers “keeping up a minimum production volume for Opella’s sensitive products in France,” Armand added, including Doliprane, digestive medication Lanzor and Aspegic branded aspirin.
There would be financial penalties for closing French production sites, laying off workers or failing to buy from French suppliers.
That includes Seqens, a company re-establishing production in France of Doliprane’s active ingredient paracetamol.
“Workers are not at all reassured by the latest developments,” said CGT union representative at Opella’s Doliprane plant in Lisieux, northern France Johann Nicolas.
