12:24 PM EDT, 07/03/2024 (MT Newswires) -- (Adds potential separate bid from Advent, further details and attempts to reach companies for comment)

Bain Capital and Cinven are considering a potential joint bid for Sanofi's ( SNY ) $20 billion consumer health division, Bloomberg reported Wednesday, citing people familiar with the matter.

A separate offer could also be made by Advent International, which is speaking to potential partners including sovereign wealth fund Abu Dhabi Investment Authority for its own planned bid, the report said.

First-round bids for Sanofi's ( SNY ) consumer health business are expected by the middle of this month, according to the report. But with deliberations still ongoing, the potential bidders could opt not to team up or make any offers, it said.

Representatives for ADIA, Advent, Bain and Cinven declined Bloomberg's requests for comment.

The news agency quoted a Sanofi ( SNY ) spokesperson as saying that the preparation for a potential separation of the business is progressing. The spokesperson also said the company is open to all options, but declined to comment further.

Bain and Cinven also declined MT Newswires' request for comment. Sanofi ( SNY ), Advent and ADIA did not immediately reply to requests for comment.

(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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