Sanofi has agreed to sell a majority stake in its consumer health unit, Opella, to Clayton Dubilier & Rice (CD&R), a U.S. private equity firm, for around 15 billion euros ($16.29 billion).

The deal includes assurances from CD&R to preserve jobs and production in France, addressing concerns raised by labor unions about potential job losses.

Opella, which has annual revenues of 5.2 billion euros and employs 11,000 people worldwide, has been a topic of discussion as the French government aims to restore healthcare self-sufficiency after the Covid-19 pandemic.

Bpifrance, the French public investment bank, will acquire a 1% stake in Opella and have a seat on the board to further support the unit's development in France.