12:17 PM EDT, 05/06/2024 (MT Newswires) -- (Updates with additional information)

Bank of America ( BAC ) and BNP Paribas are expected to become lead advisers in Sanofi's ( SNY ) separation of its consumer-health business, Bloomberg reported Monday, citing people familiar with the matter.

Sanofi ( SNY ) is planning to hire two banks and may consider adding up to two additional banks to work on the transaction, Bloomberg reported. The advisers group has not been finalized and could change. The drugmaker does not expect any transaction to occur before Q4, the report said.

Sanofi ( SNY ) is looking a number of options, including sale, but is siding with a capital markets transaction to create a listed entity in France. In case of a deal, the unit is considered to be valued at around $20 billion, Bloomberg reported in February.

Bank of America ( BAC ), Sanofi ( SNY ), and BNP did not immediately respond to MT Newswires' 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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