sanofi consumer healthcare spin off

With Bill Sibold, EVP, Specialty Care & Frank Nestle, Global Head of Research, Chief Scientific Officer Private part time value investor. At CER, the growth was 15.3% and 5.3% respectively. On June 23, 2021, GlaxoSmithKline plc (NYSE: GSK, $40.45, Market Cap: $101.8 billion) announced that it plans to spin-off its Consumer Healthcare division into a separately listed . The UKs GlaxoSmithKline combined its consumer healthcare division with Pfizers in 2018. The first and, probably, simplest way to return to a decent top-line growth (at least, organically) is through the spin-off (or sale) of its weak divisions. The patent stays until 2035 to 2039 (oral form). (Photo by Ben STANSALL / AFP) (Photo by BEN STANSALL/AFP via Getty Images). Significant experience within the pharmaceutical industry gained in Learning and Development, Marketing, Medical Management and Sales Force Effectiveness roles. An initial public offering (IPO) of the unit, which could be worth around $30 billion according to two sources familiar with the matter, is also on the cards. Sanofi's Board of Directors unanimously proposed to submit to its shareholders the distribution of circa 58% of the share capital of EUROAPI. The French pharma giant first announced its intentions to spin off the API business in February.The plan, as the company said at the time, would combine Sanofi's API . GlaxoSmithKline has lined up a spin off its consumer healthcare business Haleon for July 2022, in an effort to unlock shareholder value which could trigger a hike in the GSK share price. Our brands are trusted across the world, and some have been on the market for over 50 years. Sanofi is lining up to spin off its active pharmaceutical ingredients division that will include a listing as a public company, Reuters reported, citing unnamed sources.. Sanofi assumes no responsibility for the information presented on this website. According to a report by Bloomberg, Goldman Sachs and Citi are advising GSK on a potential listing of its spin-off entity. 5. Building on this foundation, Sanofi delivered a resilient underlying performance in the third quarter with strong sales in Specialty Care, largely driven by the continued outstanding performance of Dupixent. Key components to future growth of Sanofi's OTC business in the United States . "As discussed during our Capital Markets Day in February, simplifying the CHC product portfolio is an important part of our strategy to focus our resources and efforts where we can bring the most value, especially to consumers. A critical question in most spin-offs is how to allocate talent, since every company naturally wants to retain its best people, especially amid great change. For seeking medical information, reporting adverse events and product complaints: 1800 22 2295 (toll-free) For other queries: 022-28032000. As a result, French Tech Souverainet will become a long-term reference shareholder of EUROAPI and will be represented by two non-executive members on EUROAPI's Board of Directors, including Benjamin Paternot and another member to be determined. When it lists on the Lon . Cowen's 43rd Annual Health Care Conference With Bill Sibold, EVP, Specialty Care & Frank Nestle, Global Head of Research, Chief Scientific Officer > Add the event to my calendar However, the French dividend tax for foreign individuals amounts to just 12.8%. Sanofi's fourth quarter saw consumer health sales rise 5.6%, driven by the cough and cold, pain care, and digestive wellness categories. commercializing best-seller drugs. Grow with us; Diversity & Inclusion; Development opportunity: how Sanofi empowers you; When Sanofi unveiled plans to spin off its European active pharmaceutical ingredient (API) unit back in early . In the EU, the total cost of absenteeism and presenteeism associated with allergies ranges from 55-151 billion annually. We are an innovative global healthcare company, driven by one purpose: we chase the miracles of science to improve peoples lives. Our ambition is to be the best Consumer Healthcare business in the world, for the world. Following Sanofi's January announcement that it will pay $11.6 billion for Biogen's spin-off Bioverativ Inc., which specializes in hemophilia and other rare blood disorders, healthcare spin-offs have been thrust into the forefront.. The companys operations are currently divided in four parts: The first two divisions actually appear to be in good shape, showing a healthy growth. Consumer Healthcare; The first two divisions actually appear to be in good shape, showing a healthy growth. Based in Paris, France, Sanofi stands in the upper ranks of the world's top 10 pharmaceutical companies based on revenue. Total Pharmaceuticals was up 1.5%, whereas Vaccines was down 9.8%, with total net sales down 1.1%. Some, however, have speculated that the separation is an attempt by J&J to protect itself from ongoing lawsuits relating to its allegedly cancer-causing talcum powder products. Another interesting opportunity is the planned spin-off of Sanofi's Active . Sanofi Forward-Looking Statements * This saved time would otherwise be spent on unnecessary waiting, travel and consultations in primary care or emergency department settings. Despite volatile market conditions, Sanofi has decided to move forward with the listing process of EUROAPI. On the bright side, there is excellent news when it comes to the Specialty Care drugs, especially with the blockbuster Dupixent, which, in Q1/2021, reached the 1B threshold and is well on track to return 10B yearly (if not more) in the nearest future, thanks to its penetration in new markets (especially China) and the gradual disclosure of the drugs new medical applications. We understand allergy sufferers needs and have a number of innovative, effective products in our range to respond effectively to each persons specific allergy needs. Haleon emerges from GSK consumer healthcare spin-off. I am not receiving compensation for it (other than from Seeking Alpha). First peer-reviewed publication of phase III RSV vaccine data in older adults, including those with comorbidities who are most at risk. There has been intense speculation on the part of analysts and investors on whether Sanofi would divest or spin off its consumer healthcare unit. Sanofi Offloads 16 Consumer Health Brands Health 9 hours ago Web As part of its quest to streamline consumer healthcareand eventually spin off the unit as a standalone businessSanofi will offload 16 consumer . Home . With the implicit support of the French government (given how over-reliant most western countries, including France, are on Asian and Indian drug suppliers), this move brings another massive opportunity for Sanofi and its shareholders. The company could also monetize the stake and bolster its balance sheet. In connection with the proposed spin-off, French Tech Souverainet has agreed to purchase 12% stake in EUROAPI shares from Sanofi for up to 150 million on March 17, 2022. Real-time Euronext Paris Partnered with business leaders to facilitate the Retired after 24+ year career with J&J. This press release does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in France, the United Kingdom, the United States of America, Canada, Australia, Japan or any other jurisdiction. 12% in EUROAPI shares from Sanofi for up to 150 million, with the acquisition price to be determined based upon the thirty day volume weighted average trading price (VWAP) of EUROAPIs shares on Euronext Paris, starting on the first day of trading. This is all supported by the national strengths in data and advanced tech such as artificial intelligence and machine learning, which are accelerating development timelines of treatments. On the other hand, the remaining part is progressing nicely. The net debt/adjusted EBITDA leverage ratio is expected be less than 2x. The companys Board intends to create two new independent Boards following the separation. Sanofi is a diversified global healthcare leader, focused on developing products that meet the health needs of people. For Isabelle and Garrett's families, connecting to others living with a rare disease offered answers . Sanofi (XPAR:SAN) Dividend Payout Ratio as of today (March 01, 2023) is 0.00. Dividend Payout Ratio explanation, calculation, historical data and more Moreover, the remaining 20% stake in the spun-off unit post deal completion offers GSK with the opportunity to benefit from strong performance at the spun-off unit. Naturally, there are reasonable excuses for the underperformance, especially for the CHC business, which registered significant sales in the first quarter of last year, as consumers were stocking up on over-the-counter drugs while, at the same time, the anti-Covid measures caused a low incidence of seasonal flu, cold and cough in Q1/2021. *About Active Pharmaceutical Ingredients (APIs) "It's very significant, we are really reallocating our cost base towards innovation on science," the CFO said. The firm created a new subsidiary to deal with the talc-related litigation, before filing for the new companys bankruptcy in an attempt to block claims for damages from those who say J&Js baby powder damaged their health. Sanofi's CDMO spinoff set for next month as new group targets 2022 revenues of 1B. Millions of people worldwide suffer from pain each year, whether it is short term, like a headache or stomach ache, or chronic pain, such as back pain. GSK's consumer health spinoff Haleon will make its big debut in just over a week but with some serious debt in tow, according to the company. The new Primary Care unit was to focus on mature markets. The leading site for news and procurement in the pharmaceutical industry. 75017 Paris FRANCE The unit's revenue grew by 3% at constant exchange rates in . Dive Brief: Sanofi will float its drug manufacturing business on the French stock exchange on May 6, announcing Friday its intention to list shares in the spinout on Euronext Paris, pending an upcoming shareholder meeting. The Board will review any alternative options for the consumer healthcare unit and compare them with shareholders opportunity cost, including taxes and other expenses. No communication and no information in respect of the dividend distribution of the shares of EUROAPI (the Shares) may be sent to the public in any jurisdiction where a registration or approval is required. The companys management has justified the decision for a spin-off over other alternatives such as a sale (as suggested in Elliotts letter). In 2022, GSK shareholders will receive dividends from New GSK and Consumer Healthcare NewCo due to the expected mid-year timing of the separation. Patents; Patient Support Services; Resources for Healthcare Providers; Colorado Disclosure; Vermont Disclosure; Our Responsibility. GSK cited the opportunity cost from the immense profit and cash generation potential of the consumer healthcare unit as well as higher expenses in the form of taxes in case of a sale as compelling reasons for the spin-off. If approved, the distribution will take place shortly after the listing of EUROAPIs shares on the regulated market of Euronext Paris, subject to the approval of the French Autorit des Marchs Financiers (AMF) on EUROAPIs French prospectus, which will be made available to the public ahead of Sanofis Shareholders Meeting. Furthermore, Elliott expects such a newly created Board to establish a strong process to choose the executive leadership for both businesses. Consumer Health (OTC) Products; U.S. The transaction is expected to close in Q3-2021, subject to approval of relevant regulatory authoritiesand other customary closing conditions. esgSubNav, Discover more about S&P Globals offerings. As previously announced, under the terms of the transaction, Pfizer owns a 32% equity stake in the joint venture and GSK owns 68%. Detail: Visit URL Category: Business View Health Total capitalization is currently less than 10 times the companys earnings, significantly better than the industry average (see the picture below); under these circumstances, the stock should also appreciate by a minimum CAGR of 4-5% in the foreseeable future. Sanofi said on Tuesday it hopes to take over the consumer health care unit of German peer Boehringer Ingelheim via an asset swap, making the French pharmaceutical giant the sector's world leader. Sanofi has been working to carve up its consumer healthcare business in a bid to cut costs and focus on growth drivers. <br><br>Driven, passionate and enthusiastic professional with high levels of integrity, who achieves business results through leading and coaching others and engaging key stakeholders. Worldwide, 40% of people suffer from digestive symptoms such as constipation, indigestion or diarrhea, affecting their quality of life and healthcare use.3We offer a broad range of digestive solutions that work on relieving heartburn, improving liver performance and indigestion and managing diarrhea and constipation. It is provided for information only. The dividend amount is expected to be GBp 55, assuming Consumer Healthcare dividend payout ratio of 30-50%. It operates through three business segments Pharmaceuticals, Vaccines and Consumer Healthcare. The agreement covers the registrations, trademarks, and related commercial rights of 16 products across Europe. The company operates in three major business segments, Pharmaceuticals, Vaccines and Consumer Healthcare. Paul Hudson, Sanofis chief executive officer, who took over the reins of the company on September 1, is expected to meet with investors in Cambridge, Massachusetts on December 10. > Add the event to my calendar, Cowens 43rd Annual Health Care Conference GlaxoSmithKline (GSK) and Johnson & Johnson are setting their consumer health businesses . In November 2021, Johnson & Johnson announced it would also split off its consumer . With Paul Hudson, Chief Executive Officer However, given the importance of a wide divestiture as a strategic way to unlock value for Sanofis shareholders, the firm should shake things up a bit in order to execute its plan faster. The company expects to announce a strategic plan in December. If it does choose to divest consumer health, Sanofi will join a growing number of its peers in the industry. Paris, March 18 2022. Visit our privacy policy for more information about our services, how we may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. . Sanofi assumes no responsibility for the information presented on this website. Now Sanofi is headquartered in France, which means that retail investors pay a withholding tax in addition to their local taxation. As part of Sanofi's ongoing efforts to reduce the complexity of its Consumer Healthcare portfolio and accelerate its growth trajectory, the company has signed an agreement with STADA for the divestiture of 16 Consumer Healthcare products commercialized in Europe. Globally, self-care saves people around 11 billion hours. Johnson & Johnson plans to spin off its consumer health division that sells Listerine and Baby Powder to focus on pharmaceuticals and medical devices in the biggest shake-up in the U.S. company's 135-year history. GlaxoSmithKline plc (GSK) today announced that the new company, to result from the proposed demerger of Consumer Healthcare from GSK in mid-2022, will be called Haleon. The company expects to deliver 2021-2026E CAGR of more than 5% in sales and 10% in adjusted operating profit (corresponding margin to rise to 30+% by 2026E from the mid-20s%). In financial year 2020, STADA achieved group sales of EUR 3,010.3 million and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of EUR 713.3 million. Forward-looking statements are statements that are not historical facts. Con un plantel de unos 3.350 empleados, Sanofi espera que el spin-off tenga ventas consolidadas de alrededor de 1.000 millones durante el ao fiscal 2022. This is the reason why earnings grew by 5.2% YoY in Q1, despite the reported top-line slowdown. Analysts agree that JAZZ is one of the best healthcare stocks out there. Again, the sooner the better. Some time ago, the French company already announced its commitment to carve out its consumer healthcare segment. Haleon (pronounced "Hay-Lee-On") is inspired by the merging of the words 'Hale', which is an old English . Across the world, 77% of people have used nutritionals in the last 12 months to maintain their general health, provide immune system support or to supplement in areas of vitamin deficiency. Powered by Madgex Job Board Software, combined its consumer healthcare division. The integration of core business functions at Sanofi Consumer Healthcare represents the "next level of autonomy" for the business, according to group CFO Jean-Baptiste Chasseloup de Chatillon. You may opt-out by. The last two years have seen plenty of activity from the big players to focus their business: AbbVie, Takeda and Bristol Myers Squibb (BMS) have added to their pharma portfolios with the strategic acquisitions of Allergan, Shire and Celgene respectively. "Consumer needs to run at a certain speed to compete and it does best in its own hands as part of our group," Hudson told reporters on a fourth-quarter earnings call Feb. 4. Disentangling the consumer unit from the complexity of France's largest pharmaceutical company helped the consumer group record a 4.6% year-on-year rise in 2021 sales, CEO Paul Hudson said. Investigator Sponsored Studies and Externally Sponsored Collaboration, Access to Quality Healthcare Sanofi Global Health, Contributing to the eradication, elimination and control of some infectious diseases, Serving the needs of patients with non-communicable diseases, Development opportunity: how Sanofi empowers you, https://www.sanofi.com/en/investors/contact. French Tech Souverainets investment is subject to approval of the spin-off by Sanofis shareholders and other customary conditions. The joint venture has a global market share of 3.5%. The company has also claimed that some of its major shareholders support the spin-off deal. For existent shareholders, the stock is a hold now, with the possibility to add to their positions during price retracements, even though I cant see how Sanofis stock price could decrease even more than, lets say, 15% from the current levels. That happened because the General Medicines and Consumer Healthcare divisions account for more than half of the companys total sales (see the picture below). According to management, the spin-off will unlock significant potential for both businesses and maximize shareholder value. In our view, subsequent to Elliotts stake purchase in GSK, the Board may have swung into rapid action to accelerate the spin-off process. GSK owns 68% holding in the JV while Pfizer owns 32%. Investigator Sponsored Studies and Externally Sponsored Collaboration, Access to Quality Healthcare Sanofi Global Health, Contributing to the eradication, elimination and control of some infectious diseases, Serving the needs of patients with non-communicable diseases, Development opportunity: how Sanofi empowers you, Press Release: Sanofi moves forward with EUROAPI listing on Euronext Paris, Sanofi will give its shareholders the opportunity to be part of EUROAPIs new chapter of growth through an additional extraordinary dividend in kind, EUROAPI listing on Euronext Paris will occur in H1 2022, despite volatile market conditions, The French State, through the fund French Tech Souverainet, intends to acquire 12% of EUROAPIs capital for up to 150 million from Sanofi to become a long-term reference shareholder of EUROAPI, As planned, Sanofi will continue to hold circa 30% of EUROAPI, post transaction, The overall transaction is subject to approval at the Sanofi 2022 Shareholders Meeting, and the AMF approval on EUROAPIs French prospectus. 2021 position: 2. | Erfahren Sie mehr . Sanofi Pharma; Sanofi Genzyme; Sanofi Pasteur; Our data sharing commitments; Managed Access Programs (MAPs) . Post transaction, Sanofi confirms that it will hold circa 30% of the share capital and voting rights of EUROAPI and will remain a long-term strategic partner, supporting EUROAPIs growth ambitions as an independent company over the coming years. According to Dealogic, an investment banking data provider, 14 spin-offs were completed in the U.S. last year, of which two were healthcare: Bioverativ and . Following the AMFs approval of EUROAPIs French prospectus, Sanofi and EUROAPIs management teams will host a dedicated Capital Markets Day on April 1, 2022 at 1:30 pm CET to present EUROAPIs business in greater detail (event registration details are available here). The move has been in the works for several months. In Australia our 350 person strong consumer healthcare team researches, develops and manufactures a range of healthcare solutions including vitamins, minerals and supplements, at our Brisbane facility. However, if the consumer division no longer holds the deep pockets of the combined company, the risk of future consumer product litigation such as the large talc settlement may decrease.. Sanofi CEO's strategy blueprint may include consumer health spinoff or merger: Bloomberg | Fierce Pharma . Self-care activities generate $119 billion in monetary and healthcare workforce savings globally. Forward-looking statements are generally identified by the words expects, anticipates, believes, intends, estimates, plans and similar expressions. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address. Any material effect of COVID-19 or recent armed conflicts on any of the foregoing could also adversely impact us. 1 Companys estimate based on third-party market research conducted using the annual reports published by the main industrial players in the APIs sector, public databases (including Capital IQ and Orbis) as well as interviews with market experts. "If the GlaxoSmithKline Consumer Health spinoff goes well, we believe it is likely that Sanofi could spin off its consumer health business as well, which is a reasonable extension of the internal separation that is ongoing," HSBC analyst Steve McGarry said in a Nov. 1 note. The company will be able to rely on the expertise of around 3,350 employees and expects to achieve consolidated sales of around EUR 1 billion in the year ending December 31, 2022. . The units revenue grew by 3% at constant exchange rates in 2018 to $5.21 billion. Last month, GSK - which owns a larger portion of the companies' shared consumer division - said it was "on track" to spin off the business, with a representative adding the split could take place as soon as mid-2022. The JV was formed to create a world-leading consumer healthcare business with robust iconic brands, including GSKs Sensodyne, Voltaren, Panadol, and Pfizers Advil, Centrum and Caltrate. Sanofi bucks industry trend by pledging to keep 'stand-alone' consumer unit, Insight Weekly: TMT deals plunge; bank analysts cut 2023 outlook; US retail sales rebound, Infographic: The Big Picture European Outlook 2023, The Pipeline: M&A and IPO Insights | There will be better days for investment banking. Sanofi . I have no business relationship with any company whose stock is mentioned in this article. All rights reserved. Moreover, Sanofi appears on track to develop one or more anti-Covid vaccines in the next quarters. Take a look at highlights from our portfolio of self-care products. According to news reports, in April 2021, activist investment firm Elliott Management Corp. acquired a large stake in GSK to put pressure on Chief Executive Officer (CEO), Emma Walmsley, to accelerate the companys turnaround efforts. This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. Elsewhere, Sanofi said it expects trials of the COVID-19 shot being developed in conjunction with GSK to read out later this quarter, while a late-stage vaccine for respiratory syncytial virus developed with British COVID-19 vaccine-maker AstraZeneca PLC is expected to be filed with regulators this year. The combined global sales were about $12.7 billion in 2017. (Just Now) WebOn June 23, 2021, GlaxoSmithKline plc (NYSE: GSK, $40.45, Market Cap: $101.8 billion) announced that it plans to spin-off its Consumer Healthcare division into a separately listed company. Millions of people worldwide suffer from pain each year, whether it is short term, like a headache or stomach ache, or chronic pain, such as back pain. This means that it is very likely for the companys top line to appear stagnant in the quarters to come and, theoretically, that could put some pressure on the stock price. Surface Studio vs iMac - Which Should You Pick? The separation is expected to complete by mid-2022E. R&D Spend: USD 13.080 billion. Prior to the transaction, New GSK is expected to receive up to 8 billion (~$11.0 billion) from the Consumer Healthcare unit. Welcome to Sanofi Consumer Healthcare. The firm demanded that before the planned separation, non-executive directors with extensive biopharmaceuticals and consumer healthcare experience be added to GSKs Board. The one-shot cervical cancer vaccine paradigm. The transaction will be executed through demerger of at least 80% of GSKs 68% holding in the Consumer Healthcare business to GSK shareholders, subject to shareholder approval. "We don't worry about what the other companies do, we worry about what we're doing and we're pleased with what's going on in our consumer business.". Opinions expressed by Forbes Contributors are their own. Cash flow should follow this trend too, allowing further dividend increases. The transaction with STADA ensures that these products will continue to be available to consumers. ", latest-news-headlines New GSK will adopt a progressive dividend policy targeting a pay-out ratio of 40-60%, starting GBp 45 in 2023. We project annual organic growth of 4% on a going-concern (GC) basis (i.e. Other drugmakers moving to jettison their over-the-counter businesses include J&J, which is set to spin off its consumer portfolio in 2023, and Sanofi, which is in the process of carving out a standalone consumer business within the greater company. Our mission is to Serve Healthier, Fuller Lives by offering moments of relief to our Patients & Consumers in our key platforms, including Allergy, Physical & Mental Wellness, Pain . The spun-unit is expected to have net debt/adjusted EBITDA leverage ratio of up to 4.0x and will be targeting an investment grade credit rating post separation. It is provided for information only. I believe that, nowadays, pharmaceutical companies should make up a significant portion of an equity portfolio and, right now, Sanofi is one of the safest to invest in. The company's consumer healthcare unit, a maker of over-the-counter drugs (OTC), lifted sales by 9.1% to 1.27 billion euros, driven by revenue in Europe and Latin America and as customers stocked . We have extensive lines of prescription medicines and . We wanted it to be a fast-growing consumer health business [and] to explain to the market why we thought we were the best owner.". Paris-based Sanofi is reportedly considering either a joint venture or a sale of its consumer healthcare division. Moreover, the company aims to prioritize research and development and commercial investment in vaccines and specialty medicines, which are expected to grow to around three-quarters of company sales by 2026E. Merck sold its consumer business to Bayer AG in 2014 for $14.2 billion. We are pleased these products will continue to be available for consumers as we focus on becoming a fully integrated standalone business said Julie Van Ongevalle, Executive Vice-President, Sanofi and Head of Sanofi Consumer Healthcare. The Board of Sanofi (ENXTPA:SAN) announced the spin-off 58% stake in EuroAPI on March 17, 2022. Get Your 7-Day Free Trial! Scotland offers an ideal environment to trial these new technologies and techniques, with a concentrated network of world-class universities, specialist institutes, and health experts. In addition to the previously proposed 3.33 cash dividend per Sanofi share, this additional extraordinary dividend, exclusively in kind, is subject to shareholders approval About s & P Globals offerings total Pharmaceuticals was up 1.5 %, whereas was... Addition to their local taxation products across Europe Pfizers in 2018 division with Pfizers in 2018 $. 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Toll-Free ) for other queries: 022-28032000 with J & amp ;.. Owns 32 % starting GBp 45 in 2023 s & P Globals offerings Resources for Providers... 1.5 %, whereas Vaccines was down 9.8 %, whereas Vaccines was down 9.8 %, total. 11 billion hours 32 % am not receiving compensation for it ( than... Related commercial rights of 16 products across Europe experience be added to GSKs Board the... ( GC ) basis ( i.e a report by Bloomberg, Goldman Sachs sanofi consumer healthcare spin off! A rare disease offered answers forward-looking statements are generally identified by the expects. Identified by the words expects, anticipates, believes, intends, estimates, plans similar. Segments Pharmaceuticals, Vaccines and consumer healthcare division considering either a joint venture or a sale of its healthcare! Another interesting opportunity is the planned spin-off of Sanofi & # x27 ; s CDMO spinoff for... And healthcare workforce savings globally was up 1.5 % sanofi consumer healthcare spin off with total sales! Care unit was to focus on mature markets dividend payout ratio of 40-60 %, total! Similar expressions focused on developing products that meet the health needs of people within the industry., Discover more about s & P Globals offerings divest consumer health Sanofi... The world, and related commercial rights of 16 products across Europe healthcare ; the first two actually...
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