01:59 PM EDT, 04/23/2024 (MT Newswires) -- Sanofi ( SNY ) has requested banks to submit proposals for roles on the potential spinoff or sale of its consumer health care business, Bloomberg reported Tuesday, citing sources.

Banks recently submitted responses to Sanofi's ( SNY ) request for proposals, according to the report. The French drugmaker could also tap advisers in the coming weeks.

Sanofi ( SNY ) declined MT Newswires' request for comment.

The company initially disclosed plans in October 2023 for a possible spinoff of the business "at the earliest in Q4 2024" as a publicly listed entity based in France.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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