Sanofi SA (NASDAQ:SNY) is calling for initial bids for its $20 billion consumer health division.

The French pharmaceutical giant is also considering a potential public listing.

Potential suitors must submit first-round bids by mid-July, Bloomberg reports.

Advent International and France's PAI Partners both expressed interest in acquiring the division, which includes over-the-counter products such as Phytoxil cough syrups and Icy Hot pain relief gels. PAI is the sole French bidder and might need to find partners to manage the transaction's scale.

Other major firms considering bids include Blackstone Inc (NYSE:BX), Clayton Dubilier & Rice, CVC Capital Partners Plc, and TPG Inc.

EQT AB had previously shown interest, but is no longer pursuing the deal.

Sanofi is expected to retain a significant minority stake in the business post-sale, reducing the capital commitment required from buyers.

Separating the consumer health unit would align Sanofi with industry peers. GSK Plc (NYSE:GSK) and Johnson & Johnson (NYSE:JNJ) have also divested their consumer divisions, Haleon Plc (NYSE:HLN) and Kenvue Inc (NYSE:KVUE), respectively, to focus on next-generation therapies.

The potential sale could rank among the largest deals in Europe this year. This development also comes ahead of France's snap parliamentary election, with potential political instability that could affect ongoing deals post-election on July 7.

Price Action: SNY shares are down 3.27% at $48.47 during the premarket session at last check Wednesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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