France’s top generic drug maker, Biogaran, could soon be sold to a British investment fund, raising new fears about the country’s control over vital medicines.
French pharmaceutical group Servier has entered exclusive talks with BC Partners, a UK-based fund, to sell Biogaran. The deal has drawn attention from both the markets and political leaders.
If completed, it would reopen the debate over France’s so-called “health sovereignty” at a time when drug shortages are becoming more frequent across Europe.
Servier has not disclosed the price, but people familiar with the talks said the offer could be worth between €800 million and €1 billion. That is in line with what BC Partners proposed last year before shelving the deal following political pressure.
Biogaran is France’s leading supplier of generic drugs and plays a key role in the public health system. But its importance has made the potential sale a sensitive issue.
Several lawmakers have warned that handing over such a strategic company to foreign investors could make France more vulnerable to supply problems, especially during ongoing shortages of key medicines.
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Failed acquisition
This is not the first time BC Partners has tried to buy Biogaran. In 2023, it joined forces with state-backed bank Bpifrance to put forward a bid. The fund was competing against Indian pharma companies Torrent and Aurobindo.
But the offer was dropped after growing concern that the sale would weaken France’s drug-making capacity. Servier said at the time that the conditions for "value creation” were not met.
Now, in 2025, BC Partners is back at the table – this time without a French partner – and appears to have adjusted its plan.
The fund said it wants to strengthen Biogaran’s position in France and help it grow in areas like biosimilars and over-the-counter drugs.
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Cost cuts and budget shifts
These are seen as important tools to lower prices and improve access to medicine, especially as France’s health budget remains under pressure.
“This project would be perfectly in line with the strategic orientations of Biogaran and Servier,” said Servier chairman Olivier Laureau in a joint statement.
He said the deal could also help Servier focus more on research in cancer and brain disorders – two sectors where it wants to become a leader.
Still, the sale is likely to renew debate over whether France is losing control of its healthcare infrastructure – and whether deals like this could chip away at its pharmaceutical independence.
