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Biogaran Sale Proposal

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  • On 30 July 2025, Servier and BC Partners entered into exclusive negotiations regarding the potential sale of Biogaran.
  • This project is intended to strengthen Biogaran’s position in the generics market in France, particularly through biosimilars and consumer healthcare products.
  • “Exclusive negotiation agreement” signifying an intention to sell. However, the project remains subject to final agreements, consultations with employee representative bodies, and regulatory approvals.
  • BC Partners is a leading European investor with a high level of expertise in the generics sector, built through successful investments in major industry players, such as Pharmathen and Synthon.
  • Agreement objectives: The proposed deal would allow Servier to reallocate resources towards innovative treatments, particularly in oncology and neurology, while at the same time safeguarding Biogaran’s essential role in France’s healthcare system.

Press releases and press coverage

  • Media articles: Le Monde (2025), RFI (August 2025), Reuters, PE Hub.

Context and background

The recent developments relating to Biogaran highlight both the company’s strategic importance for the French healthcare system and Servier’s determination to secure a sale plan that is coherent, sustainable, and aligned with the Group’s values.

2024

  • Initial strategic review
    In 2024, Servier began exploring options for the future of Biogaran, France’s leading generics company. A number of international and European groups quickly expressed interest, reflecting Biogaran’s attractiveness and strong business model.
  • A topic of national debate
    The potential sale triggered significant political and media attention due to Biogaran’s central role in access to medicines and in France’s healthcare sovereignty. Public authorities weighed in, underlining the importance of preserving industrial expertise and employment in France.
  • A carefully managed process
    In autumn 2024, Servier chose to extend its analyses rather than rushing into a decision, considering it essential to find a solution that would fully meet the Group’s strategic criteria and values. This choice demonstrated Servier’s willingness and determination to take the time needed to build a robust and future-oriented project for Biogaran and its employees.

2025

  • Moving towards a decisive step
    In July 2025, Servier announced the start of exclusive negotiations with BC Partners, marking a significant step forward. This decision reflects the alignment between Servier’s strategic vision and BC Partners’ ambition to enhance Biogaran’s development, particularly in generics, biosimilars, and consumer healthcare products.

Q&A

  1. Has the sale of Biogaran already been finalized? No, it remains subject to the information and consultation of Biogaran’s social and economic committee (CSE) and to regulatory approvals.
  2. Who is the potential buyer of Biogaran? BC Partners is a leading European investment firm managing around €40 billion in assets across private equity, private debt, and real estate strategies. Founded in 1986, BC Partners has played an active role in the European buyout market for nearly four decades. Currently, BC Partners’ integrated transatlantic investment teams operate from offices in France, across Europe, and in North America, focusing on four key sectors: TMT, Healthcare, Services & Industrials, and Food. Since its creation, BC Partners has made more than 130 private equity investments and is currently investing its eleventh buyout fund.
  3. What is BC Partners’ objective? BC Partners intends to invest in Biogaran to accelerate its growth, both in prescription medicines and over-the-counter products.
  4. Why does Servier wish to sell Biogaran? The objective is to focus investments on research and therapeutic innovation, particularly in oncology and neurology. Biogaran, for its part, could continue to grow within a dedicated framework supported by specialized partners.
  5. Does this transaction pose a risk to French healthcare sovereignty? No. BC Partners intends to contribute to Biogaran’s development in partnership with its management, while respecting the essential role the company plays in the French healthcare landscape and, more broadly, in French society.
  6. Would Biogaran remain French? Yes. Biogaran headquarters would remain in France, thereby ensuring its long-term presence.

Biogaran in figures

No.1

Biogaran has been the leader in reimbursed generics in community pharmacies in France for the past three years

250

Biogaran has more than 250 employees

€1.122 M

Net statutory revenue in FY 2023-2024 was 1.122 million euros

1 in 8

More than 1 in 8 boxes of medicines dispensed in French pharmacies is a Biogaran product

356M

boxes are sold per year

1,078

reférences

100%

of Biogaran production is outsourced

89%

of Biogaran production is carried out in Europe, with just under 50% in France