Company: SNY
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0001121404-25-000010
Chunk: 372

Company: Sanofi
Filing Date: 2025-02-13
Form: 20-F
Chunk 372
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angible assets in accordance with IAS 38. The difference between that amount and the acquisition price corresponds to the other assets acquired and liabilities assumed in the transaction. In addition, Sanofi awarded the former shareholders of Inhibrx an unquoted, non-negotiable Contingent Value Right (CVR) certificate that entitles them to a deferred cash payment of $ 5.00 per Inhibrx share, subject to attainment of a specified regulatory milestone before June 30, 2027. The nominal value of that off balance sheet commitment is $ 300million . The impact of this acquisition, as reflected within the line item Acquisitions of consolidated undertakings and investments accounted for using the equity method in the consolidated statement of cash flows, is a net cash outflow of $ 2,035million . D.1.1.2. Project to divest a controlling interest in Opella On October 21, 2024, Sanofi and Clayton, Dubilier & Rice (CD&R) entered into exclusive negotiations for the transfer of a controlling interest in Opella (in which Sanofi will remain a significant shareholder), leading to the signature of a f ully-funded unilateral put option agreement . On closing of the transaction, Sanofi would retain an equity interest of approximately 50% in the new entity which will indirectly own the Opella scope of companies, comprising Opella Healthcare and its subsidiaries. The put option agreement is based on a valuation of Opella, determined by the parties, of approximately € 16billion . On February 3, 2025, Sanofi exercised the put option agreement, confirming its intention to sign the share purchase agreement appended to the put option agreement. At the current stage of the ongoing discussions with CD&R, further heads of agreement have been agreed and appended to the put option agreement, including but not limited to: (i) a future shareholder agreement setting forth governance arrangements for the new entity; (ii) an investment agreement governing the structure of the target entity (in which Sanofi and CD&R will hold equity interests in the proportions specified in the contract) and conferring control of the relevant activities of Opella on CD&R, in accordance with the requirements of IFRS 10 (see below); and (iii) an amended version of the Separation Agreement of July 24, 2024, specifying the arrangements for the separation of the Opella activities from Sanofi. Under the terms of that agreement, certain Opella activities will not be transferred on the effective