Company: SNY
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0001121404-25-000010
Chunk: 45

Company: Sanofi
Filing Date: 2025-02-13
Form: 20-F
Chunk 45
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2 billion). Since the closing of the merger, Inhibrx has become a wholly owned subsidiary of Sanofi. Additionally, Sanofi retains a minority stake (approximately 8%) in New Inhibrx. On October 21, 2024, Sanofi and Clayton, Dubilier & Rice (CD&R) announced that they had entered exclusive negotiations for the Proposed Opella Transaction as defined under "Item 4 –B.3. Opella." The opening of the exclusive negotiations relating to the Proposed Opella Transaction, and the signature of a put option agreement as of that date (leading to loss of the control previously exercised by Sanofi over Opella), triggered the reclassification of the Opella business as a discontinued operation for the 2024 financial year. Opella meets the criteria for a discontinued operation under IFRS 5, and the post-tax profit or loss from Opella is now presented separately within the line item Net income/(loss) from discontinued operations in Sanofi's consolidated income statement. This presentation in a separate line item of the income statement applies to operations for the year ended December 31, 2024 and for the comparative periods presented. Sanofi has exercised the put option, pursuant to which Sanofi is contemplating entering into an agreed form share purchase agreement; that agreement, once entered into by the parties, will govern the terms for the sale and purchase of the share capital of Opella. Sanofi expects to receive a cash payment during 2025, which may reach several billion euros, upon closing of the Proposed Opella Transaction, expected in the second quarter of 2025 at the earliest, while retaining an indirect stake of around 50% in Opella. The proceeds would be used in line with Sanofi’s existing capital allocation priorities, including shareholder returns. On November 29, 2024, Sanofi entered into a definitive agreement with Recordati for the sale of Sanofi's global rights to Enjaymo. Under this agreement, Sanofi received an upfront payment of $825 million and will be eligible for milestone payments of up to $250 million based on sales. This divestment is part of Sanofi's strategy to streamline its portfolio and focus on core biopharmaceutical innovations. More detailed information about these changes is provided in Note D.1. to our consolidated financial statements, included at Item 18. of this annual report. B. Business overview Sanofi’s activities are organized around the following categories: Immunology & Inflammation, Rare Diseases, Neurology