Sanofi Is Said to Seek Offers for $20 Billion Consumer Arm (1)

Sanofi SA has called for initial bids for its $20 billion consumer health division, as the French pharmaceutical giant simultaneously moves forward with preparations for a possible listing of the business, according to people familiar with the matter.

The Paris-based drugmaker has asked potential suitors to make first-round bids by mid-July, the people said, asking not to be identified as the matter is private. Buyout firm Advent International and France’s PAI Partners are seen as the most keen on the business, which sells over-the-counter products including Phytoxil cough syrups and Icy Hot pain relief gels, the people said.

Blackstone Inc. ...