France debates blocking Sanofi painkiller sale to U.S. firm
- Sanofi's €16 billion deal to sell a controlling stake in Opella has ignited protests from politicians and unions in France.
- In response to the outcry, Prime Minister Michel Barnier confirmed a 2% stake in Opella and promises to protect jobs.
- Critics remain unconvinced that the government's measures are adequate to secure the future of essential drug production in the country.
In France, concerns have surged over Sanofi's proposed €16 billion sale to US investment fund CD&R for a controlling stake in Opella. Politicians and labor unions argue that this acquisition could jeopardize jobs and production in the pharmaceutical sector, particularly for products like Doliprane, a widely used painkiller. In response to the backlash, Prime Minister Michel Barnier announced that the government secured a 2% stake in Opella through the public investment bank, Bpifrance, alongside promises to safeguard jobs and prevent offshoring. Despite these assurances, critics, including opposition lawmakers, feel the measures lack substance, expressing skepticism about the government's commitment to protecting essential healthcare production in France. Many believe that memories of drug shortages during the Covid-19 pandemic exacerbate fears regarding this deal, highlighting the importance of maintaining a strong domestic pharmaceutical industry.