Well -- quite a bit of "power alley" news, on the day. Grin. Sanofi / Antitrust Edition...

We should mention that the German Merck (no relation) had divested its Consumer Health businesses some five years ago, and the US Merck as packaged up its Women's Health biz, into a rebranded and updated Organon -- soon set to spin off.

So -- not surprising, as Consumer Health business lines tend to be more mature, and lower margin than the core drug businesses that spawn them.

But the new wrinkle here may be (as was true during the Obama years) renewed vigor in ferretting out anticompetitive deals, at the Antitrust Division (and in the EU, to be candid). We shall see, but here is the latest, per Bloomberg, then:

. . .Some of the world’s largest buyout firms, including Advent International and Blackstone Inc., are circling the consumer health division of French pharmaceutical giant Sanofi ahead of a potential separation of the business, according to people familiar with the matter.

The business is also drawing early interest from Bain Capital, CVC Capital Partners, EQT AB and KKR & Co., the people said, asking not to be identified as the matter is private. The unit could be valued at about $20 billion in any deal, they said. . . .

So there you have it -- we suspect, in any event, that the ~$35 billion Capital One / Discover deal will see some retooling, in various local markets -- including required divestitures and spin-offs. And whenever Bain surfaces, expect mischief (in the potential Sanofi deals). Onward.

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