Company: SNY
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0001121404-25-000010
Chunk: 81

Company: Sanofi
Filing Date: 2025-02-13
Form: 20-F
Chunk 81
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 exclusive negotiations for the sale of a controlling stake of around 50% in Opella. The agreements in connection with the potential sale and purchase of a 50% controlling stake in Opella are described as follows: • Share Purchase Agreement In connection with the potential sale of a 50% controlling stake in Opella Healthcare SAS (“Opella”) to Clayton, Dubilier & Rice (CD&R) (the “Proposed Opella Transaction”), Sanofi has exercised on February 3, 2025 its put option pursuant to the put option agreement entered into with Opal Bidco SAS (“Bidco”) on October 21, 2024. The put option agreement appends an agreed form share purchase agreement (the “SPA”), which will govern the terms of the sale and purchase of the share capital of Opella once entered into by the parties. Pursuant to the exercise of its put option, Sanofi contemplates entering into the SPA, in accordance with the put option agreement. The purchase price for the acquisition of Opella will be determined and paid at closing of the Proposed Opella Transaction (“Closing”), based on an enterprise value of approximately €16 billion. The transaction is expected to close in the second quarter of 2025 at the earliest, subject to obtaining customary regulatory approvals from the competent authorities. The SPA may be terminated by either party if the conditions are not satisfied and Closing has not occurred by an agreed long stop date or such other date as the parties otherwise agree. Pursuant to the SPA, Sanofi and Bidco have made certain customary representations and warranties and have agreed to certain customary covenants. Specifically, before the Closing, Sanofi is subject to certain business conduct restrictions with respect to the Opella business. Sanofi has also agreed to enter into a shareholders’ agreement (the “Shareholders’ Agreement”) with CD&R (and certain co- investors) to govern from Closing their respective shareholding and management of a joint venture company (“JV Co”) to be formed at or prior to Closing with CD&R that is contemplated to, following the Closing, indirectly wholly own Opella. It is anticipated that Bpifrance will ultimately take an approximately 2 % stake in JV Co but the terms of Bpifrance’s investment are subject to ongoing negotiation. The Shareholders’ Agreement will provide for a lock-up period during which Sanofi is only permitted to carry out certain types of direct or indirect transfers of its securities in JV Co. • Separation Agreement In connection with the separation of the Opella business