Sanofi (France) Faces Scrutiny Over What It Plans To Do With Its Cash

free biotech news Get the latest biotech news where you want it. Sign up for the free GenePool newsletter today!

French drugmaker Sanofi will face market scrutiny over what it plans to do with its cash as the prospect of a massive buyback of its shares held by L'Oreal fades. French cosmetics firm L'Oreal and Nestle loosened a 40-year partnership on Tuesday when L'Oreal said it would buy 8 percent of its capital for 6.5 billion euros ($9 billion) from the Swiss food group - but did not need to sell any of its Sanofi shares to fund the deal. L'Oreal thus remains Sanofi's biggest shareholder with a stake of close to 9 percent, worth about $12 billion, and its Chief Executive Jean-Paul Agon told a conference call that L'Oreal was "very happy" with that situation.

Help employers find you! Check out all the jobs and post your resume.

Back to news