Bpifrance SACA, the French state-owned investment firm, is considering an investment in Sanofi's (NASDAQ:SNY) consumer health unit, which is known for products like Phytoxil cough syrups and Icy Hot pain relief gels.

According to Jose Gonzalo, Bpifrance's executive director, the firm is currently in discussions with various funds regarding the Sanofi business and may collaborate with the winning bidder. This information was disclosed during a briefing in Paris.

Sanofi has initiated the process to separate its consumer health division, attracting significant interest from major private equity firms including Bain Capital and Cinven. The deal could potentially be valued at $20 billion.