03:10 PM EDT, 09/24/2024 (MT Newswires) -- Sanofi ( SNY ) received two binding bids for its consumer health division, Bloomberg reported Tuesday, citing sources.

Both Clayton Dubilier & Rice and PAI Partners made binding offers for the French drugmaker's operations, valuing the business at at least 15 billion euro ($16.75 billion), the report said, citing people familiar with the matter.

There is no certainty that a transaction will take place and Sanofi ( SNY ) may decide to spin off the business if the bids aren't attractive, the report said.

The company has been reviewing potential separation scenarios for the business since October 2023. A spokesperson for Sanofi ( SNY ) said the company could announce a transaction in Q4 at the earliest.

"We are keeping all options open, including a listing, and a sale, to maximize value creation for all our stakeholders," the spokesperson told MT Newswires.

Clayton Dubilier & Rice and PAI Partners did not immediately respond to requests for comment from MT Newswires.

(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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