Sanofi's Paris HQ raided in tax fraud probe

France's financial fraud office launched a raid on Sanofi's headquarters in Paris as part of an investigation into a financing deal provided by French bank Société Générale.

The Parquet National Financier (PNF) and Office National Anti-Fraude (ONAF) are looking into the possibility that schemes set up by Société Générale for Sanofi and other companies – including dairy company Lactalis and insurance giant AXA – may have involved tax fraud and money laundering, according to a report in Le Monde.

Around 30 ONAF inspectors and two PNF representatives conducted a search of Sanofi's premises, according to the report, which suggests the investigation dates back to the start of 2024 and also saw raids at Société Générale offices near Paris and in Luxembourg last year.

Sanofi is being probed for 'money laundering of tax fraud', 'money laundering of tax fraud by an organised or aggravated group', and 'criminal conspiracy', according to the newspaper.

The spotlight has fallen on Société Générale's Global Banking & Advisory (GLBA) division, which specialises in providing financial consultancy and services to major multinational corporations.

It is the second report of an investigation by financial authorities into Sanofi's operations in France in the space of two years.

In 2023, the PNF reportedly started to look at 'financial communication' surrounding the launch of Sanofi's biggest-selling drug, immunology blockbuster Dupixent (dupilumab), in 2017, although little information has emerged on that since.

In a statement on the latest ONAF/PNF raid, the company said: "Like many other companies, Sanofi used a financing arrangement offered by Société Générale several years ago as part of an acquisition more than 10 years ago, an arrangement that is now under investigation by the National Financial Prosecutor's Office."

The specific deal under investigation is not clear, but Sanofi's largest acquisition pre-2015 was the $20 billion takeover of Genzyme, which closed in 2011.

"Sanofi believes it has complied with all applicable laws and regulations in this matter," the statement continued. "The group reserves all its rights and will cooperate with the authorities."