A consortium led by French private equity firm PAI Partners has submitted an increased offer for Sanofi's (SASY) consumer health business Opella, according to reports.
PAI is seeking to outbid U.S. rival Clayton Dubilier & Rice (CD&R) for a controlling 50% stake in Opella, the maker of one of France's most-sold painkillers, Doliprane.
The private equity firm has raised its bid by about €200 million or $217 million for the Opella unit and pledged to keep the operation's headquarters and other key sites in France.
PAI Partners also said in the revised proposal that it will keep jobs through an investment of at least €60 million over five years.
The revised bid is valid until Sunday night, the source added.
French pharma giant Sanofi last week said it was in talks with CD&R for the sale of a 50% controlling stake of Opella.
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