It took just one weekend for the Sanofi affair and the possible sale of more than 50% of the capital of Opella, the consumer branch of the French giant, to the American investment fund CD&R to metamorphose into a political quagmire. for the Barnier government. Since last weekend, parliamentarians and party leaders from all sides have taken turns to denounce a sale that would directly threaten our national security. “A shame” and “another symbol of our loss of sovereignty,” declared Fabien Roussel (PCF). “The cut-out sale of France continues,” launched Jordan Bardella (RN). The specter of the sale of Alstom to the American General Electric or that of the Florange steelworks to ArcelorMittal floats over the little yellow box. Like a new national trauma, symbol of endless deindustrialization of the country.
Certainly, the subject of health sovereignty is strategic. But does it come down to the question of the nationality of the shareholders? While the sale to CD&R – if confirmed by Sanofi – will have to be approved by Bercy as part of the procedure for controlling foreign investments, commitments to maintain production, jobs, and the location of the production center in France. decision, have already been required by the State from American buyers.
Furthermore, a tripartite agreement between the State, Sanofi, and CD&R should also be signed, setting in stone the commitments but also the sanctions in the event of failure to comply with these commitments. Finally, in exchange for its green light, the State could invite itself into the capital of the future entity and demand a seat on the board of directors, as confirmed on Tuesday October 15 in the National Assembly by the Minister of Economy Antoine Armand, during questions to the government. People close to the matter even raise the idea of a right of veto for Sanofi, which would retain a little less than half of the capital.
The United States, leading market
Behind this political, economic and financial affair, a stark reality appears: the center of gravity of Sanofi and its general public branch – which has around fifteen drugs considered strategic, including Doliprane – has no longer been in France for a long time. . Certainly, Doliprane remains the best-selling drug in France and it represents more than 80% of Opella’s turnover in France. Investments of nearly 20 million euros were made this year on the Lisieux site to make it “the most competitive Doliprane manufacturing plant in the world”, maintains the company’s management. A curious assertion since the small yellow boxes are only made in France and only for the French market.
In reality, France today represents barely 8% of total Opella sales worldwide. A drop of water, certainly a big one, but a drop of water… In fact, the United States is by far the company’s largest market, with nearly 25% of its total turnover. The Sanofi subsidiary has made it an essential axis of its development by purchasing Qunol, one of the American leaders in vitamins and food supplements, for nearly a billion euros last year. Ironically, the Compiègne factory – one of two Opella has in France – has even been approved by the FDA, the Food and Drug Administration, the American agency responsible for authorizing the marketing of medicines. . An obligatory key to hoping to sell a product in the United States. As a result, the Compiègne site already exports nearly 70% of its production to 150 countries, particularly across the Atlantic. “In view of the decisions of recent years, we can fear that a large part of the investments of the future entity will be made outside France and in the United States”, notes, bitterly, an observer.
From there to running out of Doliprane one day? “It would make no economic or industrial sense to separate from the two French sites,” promises Opella management. At Upsa, the other French manufacturer of paracetamol with Dafalgan and Efferalgan, we watch all these debates with astonishment. “At no time is it said that other players exist in France. However, we are the leading producer of paracetamol-based medicines with a capacity of 450 million boxes per year,” explains Laure Lechertier, director of access to the Upsa market. Production is largely exported. In the event of a shortage, Upsa could redirect its sales towards the French market. The laboratory has already done this in the past when Sanofi defaulted on pediatric Doliprane. Not sure, however, that this perspective will be enough to alleviate concerns. Nor silence the controversy.
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