Sanofi Said To Be Seeking "Partners"

French drugmaker Sanofi is looking for one or two partners to allow itto double its size and to meet medium- and long-term development costs, according to a source close to the company. Both Sanofi and Elf Aquitaine, which owns 55% of Sanofi, declined to comment.

Sanofi is aiming for a 2.5% share of the world drug market and a market capitalization of about 100 billion French francs ($17.99 billion), while retaining control of strategy under its current chairman, Jean-Francois Dehecq, the source to Reuters. Any merger could be done in two stages, with one in Europe and another in the USA, he went on to say. Sanofi now ranks 23rd among drug companies with a 1.5% world market share, Reuters notes.

Elf has said it wants to cut its holding in Sanofi to 20%-10% to let the company find partners to speed development and increase profitability. Sanofi's current capitalization is about 56 billion francs.