(Bloomberg) -- Sanofi has asked bidders to revise their proposals for its consumer health unit, people with knowledge of the matter said, as it considers whether to seek a sale or listing of the business.
The French company asked suitors to submit revised bids for the Opella business in the coming days, the people said, asking not to be identified because the information is private. The request gives bidders the chance to either improve their proposals or provide additional clarity on specific terms under negotiation, according to the people.
Private equity firm Clayton Dubilier & Rice and rival PAI Partners had both submitted binding bids by last week’s deadline, Bloomberg News has reported. A deal could value the unit at around €15 billion ($16.6 billion), people with knowledge of the matter have said.
The business sells over-the-counter products including Cenovis vitamins, DulcoLax constipation relief and Icy Hot pain relief gels. Deliberations are ongoing, and Sanofi could decide to pursue a spinoff if the bids aren’t attractive, the people said.
A representative for Sanofi said all options are still on the table and no decision has been made, while spokespeople for CD&R and PAI declined to comment.
--With assistance from Swetha Gopinath and Eleanor Duncan.
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