**Sanofi and CD&R Forge Partnership to Propel Opella's Growth in Consumer Healthcare**

Sanofi and Clayton, Dubilier & Rice (CD&R) have announced their exclusive negotiations to transfer a 50% controlling stake in Opella, a significant player in the consumer healthcare market. This strategic move positions Opella, headquartered in France, to evolve into a standalone global leader in consumer healthcare, while Sanofi transitions its focus toward biopharmaceutical innovations.

Opella, employing over 11,000 passionate individuals across 100 countries, operates 13 manufacturing sites and four research centers. Its brand portfolio, including renowned names like Allegra, Doliprane, and Dulcolax, services more than half a billion consumers globally. With its deep consumer expertise and substantial market presence, Opella ranks as the third-largest entity in the over-the-counter and vitamins, minerals, & supplements market (OTC & VMS).

The partnership emphasizes the potential of Opella to leverage its scientific roots and brand strength to address evolving consumer needs. The transaction, valued at approximately €16 billion, signifies Opella’s enterprise value, equating to around 14 times its estimated 2024 EBITDA. Sanofi will retain a significant stake in Opella, ensuring its vested interest in the company's future success.

Bpifrance is anticipated to join as a minority shareholder with around 2% equity. The successful partnership aims to strengthen Opella's market leadership by tapping into CD&R’s expertise and resources. CD&R brings a legacy of fostering business growth, with notable past investments in European firms such as Rexel, Spie, and Socotec.

This move marks an essential step for Sanofi, enabling it to bolster its position in the biopharmaceutical sector by centering its efforts on delivering innovative medicines and vaccines. The anticipated transaction closure by the second quarter of 2025 underscores the commitment towards transforming Opella into an independent force in the consumer healthcare domain.

Sanofi is set to reclassify Opella’s business as discontinued operations from the fourth quarter of 2024, impacting the company’s financial statements for comparative periods of 2023 and 2024. The details regarding the financial rearrangements will be disclosed with the third-quarter results anticipated on October 25, 2024.

The move is expected to generate a cash influx for Sanofi upon closure, which aligns with its capital allocation strategy — aiming to support shareholder returns and potentially exploring further growth opportunities. This transaction aligns with Sanofi’s long-term goal of consolidating its role as a pioneering biopharmaceutical company.