05:54 AM EST, 02/03/2025 (MT Newswires) -- Sanofi ( SNY ) said Monday that it will repurchase about 29.6 million common shares, equivalent to 2.3% of its share capital, from L'Oreal for a total of 3 billion euros ($3.07 billion.)

The company said the buyback price of 101.50 euros per share represents a 2.8% discount to the stock's Friday closing price.

Sanofi ( SNY ) expects to complete the buyback "in the coming days" and plans to cancel the repurchased shares by April 29. Following the cancellation, L'Oreal will own a 7.2% stake in Sanofi ( SNY ), according to the statement.

The buyback is part of Sanofi's ( SNY ) share repurchase program announced on Jan. 30.