Company: SNY
Filing Date: 2025-10-29
Form Type: 424B5
Source: 0001193125-25-255563
Chunk: 27

Company: Sanofi
Filing Date: 2025-10-29
Form: 424B5
Chunk 27
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 binding upon all holders and upon all future holders of such debt securities, whether or not notation of such consent is made upon such debt securities. As a result, it is possible in certain circumstances for
the indenture to be amended and for compliance with certain covenants and for certain defaults thereunder to be waived with the consent of holders of less than a majority of the notes.

French insolvency law may supersede certain provisions of the indenture and the commencement of insolvency proceedings would have a material adverse effect on the notes.

As a French company, Sanofi S.A. could be subject to French insolvency law, including
court-assisted pre-insolvency proceedings (ad hoc mandate (mandat ad hoc) or conciliation proceedings (procédure de conciliation)), court-administered insolvency proceedings under French
law (such as safeguard proceedings (procédure de sauvegarde), accelerated safeguard proceedings (procédure de sauvegarde accélérée) and judicial reorganization or liquidation proceedings
(redressement or liquidation judiciaire)). In general, French insolvency legislation favors the continuation of a business and protection of employment while addressing the payment of creditors, which could limit the ability of holders of
notes to enforce their rights under the notes.

Under French insolvency law, the opening of court-administered insolvency proceedings
triggers a stay on payments of claims incurred prior to the opening of such proceedings, subject to limited exceptions. One of the main features of these proceedings (excluding judicial liquidation proceedings) is that negotiations about any
restructuring plan may be carried out within classes gathering together the affected parties, consisting of (i) the debtor’s creditors whose rights are being directly affected by the draft restructuring plan and (ii) equity holders
where their rights are affected by the draft restructuring plan (such creditors and equity holders, collectively, the “Affected Parties”). For Sanofi S.A., the setting up of such classes would be mandatory.

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If Sanofi S.A. were subject to any of such proceedings and classes of Affected Parties were established, all holders of debt securities issued by Sanofi S.A. (including holders of notes issued under the indenture) would be gathered into one or several classes, as the case may be, with other unsecured creditors of Sanofi S.A. Each class would be called to deliberate on a draft accelerated safeguard plan ( projet de plan de sauvegarde accélérée), a draft safeguard plan ( projet de