01:15 PM EDT, 06/25/2024 (MT Newswires) -- Sanofi ( SNY ) has called for initial bids for its $20 billion consumer health business, Bloomberg reported Tuesday, citing people familiar with the matter.

The French drugmaker has asked potential bidders to make first-round offers by mid-July, the people reportedly told Bloomberg.

Concurrently, the company is working to spin off the division into a publicly traded entity, according to the report.

(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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