Advent, Blackstone Are Said to Circle $20 Billion Sanofi Arm (1)

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.

Sanofi said in October that it plans to separate the division, ...