Company: SNY
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0001121404-25-000010
Chunk: 373

Company: Sanofi
Filing Date: 2025-02-13
Form: 20-F
Chunk 373
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 date of loss of control upon closing of the transaction . These are primarily (i) hospital sales of Opella products in China, the transfer of which will be finalized no earlier than 2028 after a transitional period required to complete the transfer plan agreed with Sanofi in the context of public tendering arrangements and (ii) sales made by the dedicated entity Opella Russie, the equity interests in which will be retained by Sanofi. Sanofi will continue to distribute Opella products in Russian territory under the distribution agreement signed in connection with the separation, the parties reserving the right to discuss the transfer of this retained interest during the distribution agreement term . As regards the product liability claims described in Note D.22. "Legal and arbitral proceedings", and in particular the ongoing litigation relating to Zantac in the United States, the Separation Agreement specifies that Sanofi will indemnify Opella, without limitation as to amount, for all liabilities resulting from the marketing of any Zantac brand product containing ranitidine as an active pharmaceutical ingredient, including product liability claims. In addition, under the same Separation Agreement, Sanofi retains the worldwide rights to the Gold Bond product. The assets associated with those rights, and the liabilities recognized in respect of the ongoing Gold Bond litigation in the United States, are retained by Sanofi. Gold Bond will continue to be marketed in the United States through the retained subsidiary Gold Bond LLC. All social processes have been conducted, and are now completed. The proposed transaction remains subject to obtaining customary regulatory approvals from the competent authorities. Closing of the transaction is expected in the second quarter of 2025 at the earliest.

| SANOFIFORM 20-F2024 | F-33 |

| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |

Following the closing of the transaction, Sanofi will lose control of Opella. The analysis of where power resides is based primarily on the agreement reached on the key terms of the future shareholder agreement between CD&R and Sanofi, as appended to the put option agreement signed on October 21, 2024, under which CD&R will hold a majority of voting rights in shareholder meetings of the newly-constituted entity that will indirectly own Opella, with the exception of certain decisions that must be made jointly, those being primarily decisions of a protective nature relating to fundamental changes to the nature of the activities carried on by the new entity. In addition, CD&R will have a majority on the governance body of the new entity, giving CD&R power over that entity