After a first attempt in 2024, the British investment fund BC Partners has taken over Biogaran, the French leader in generic medicine, alongside the public investment bank Bpifrance, which ensures the State's presence in the capital.
The operation was finalized after obtaining European authorizations as well as approval under the "control of foreign investments in France issued by the French State", the stakeholders stressed Friday in a statement.
"By taking a stake in Biogaran, the State is watching and acting," assured French Economy Minister Roland Lescure in a statement sent to AFP, saying he had been "very demanding on the conditions of this operation with firm and lasting commitments imposed on the buyer, in particular on the securing of strategic stocks" which will apply "without time limit".
This economic agreement requires BC Partners to provide guarantees on "maintaining employment", "production and industrial footprint on national soil", as well as on "supplying" the French market, with "a firm commitment to place orders with subcontractors", Bercy details in a press release.
– Penalties for non-compliance –
In the event of breaches, financial penalties may reach "up to twice the amount of the investment" or "10% of the company's annual turnover excluding taxes", the ministry emphasizes.
Alongside BC Partners, Bpifrance, a shareholder with 15% in Biogaran, will ensure "the sustainability of its long-term development while preserving its French roots," also assured Nicolas Dufourcq, CEO of the bank owned by the French State and the Caisse des Dépôts.
This announcement brings to an end a long industrial and political saga.
Rumors of a sale began circulating at the end of 2023 and quickly sparked strong reactions in the political class, which feared relocation and a loss of health sovereignty in the event of a takeover by a foreign investor.
In a context of recurring drug shortages and efforts to relocate essential medicines, these fears had given rise to calls for vigilance in the face of expressions of potential interest from Indian laboratories.
In the autumn of 2024, Servier had paused the sale project before relaunching it in the summer of 2025 by announcing exclusive negotiations with BC Partners.
– Difficulties regarding the price –
These discussions took "a little time to agree on a price," between 800 million and one billion euros, Cédric Dubourdieu, partner and head for France at BC Partners, told AFP.
The fund, which manages approximately 40 billion euros in assets, wants to "expand the number of medicines that Biogaran offers to French patients," it indicated, counting on the expiry of numerous patents, which will pave the way for new generics, including those for vaccines.
The sale of over-the-counter medicines and biosimilars is identified as another growth area for Biogaran, created by Servier 30 years ago and whose turnover reached 1.26 billion euros in the 2024/25 financial year.
The brand represents 301% of generic drug sales in French pharmacies, medications that cost significantly less than the originals. Its product catalog includes approximately 1,000 treatments ranging from everyday ailments to more serious conditions (from antibiotics to antidiabetics and anticancer drugs).
Biogaran, which has 270 employees, does not own its own factory, but relies on around forty subcontractors, indirectly generating 8,600 jobs.
"It's a difficult sector with very strong competition and fairly low margins," recalls Pierre-Yves Geoffard, professor at the Paris School of Economics, saying he understands Servier's logic in choosing to focus on innovation and poorly met needs, but not that of Bpifrance whose mission is to support innovation.
"The right answer is to diversify the number of producers of active ingredients, including by locating or relocating some to Europe," he added to AFP, believing that "the presence of the State is not necessarily likely to reassure foreign investors and arouse their enthusiasm."
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