03:36 PM EDT, 06/25/2024 (MT Newswires) -- (Updates with Sanofi's ( SNY ) response, more information throughout.)

Sanofi ( SNY ) is continuing to explore potential separation scenarios for its consumer health care business and all options are open, the company told MT Newswires Tuesday.

The company has called for initial bids for the $20 billion business, Bloomberg reported Tuesday, citing people familiar with the matter. It is asking interested parties to submit their initial bids by mid-July.

Although Sanofi ( SNY ) declined to comment on the report, it told MT Newswires preparations are in progress, but it does not expect a deal before at least Q4 2024.

The French drugmaker disclosed plans last October to spin off the unit as part of its broader "Play to Win" strategy. Consumer health care generated 5.18 billion euros ($5.55 billion) in 2023 sales, out of 43.07 billion euros overall.

Bloomberg also reported Sanofi ( SNY ) is working concurrently on a possible spinoff of the division into a publicly traded company.

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