More than 30 agents conducted a surprise raid of Sanofi’s headquarters in Paris on Tuesday morning as part of a tax fraud investigation, according to a report from French newspaper Le Monde.
A spokesperson for Sanofi confirmed the raid in an email and said the investigation involves a loan offered to the drugmaker from French multinational bank and financial services company Société Générale.
The loan was in relation to an acquisition Sanofi made more than the decade ago, the company added.
“Like many other companies, Sanofi used a financing arrangement offered by Société Générale,” Sanofi said. “This financing mechanism is now under investigation by the French National Financial Prosecutor’s Office (Parquet National Financier).”
In June, authorities raided Société Générale offices in Paris and Luxembourg, Le Monde said. Investigators are looking into several deals offered to large companies, including French dairy products corporation Lactalis and Paris insurance and asset management firm AXA, according to the newspaper.
“Sanofi considers it has complied with all applicable laws and regulations in this matter,” the spokesperson added. “The Group reserves all its rights and will cooperate with the authorities.”
Parquet National Financier kicked off the investigation into “money laundering of tax fraud” and “criminal conspiracy,” in January 2024, according to Le Monde.
Sanofi also is the subject of an investigation by the European Commission in relation to concerns about potential antitrust violations associated with its dominant position in the vaccine market. In conducting the probe, authorities performed unannounced inspections of Sanofi facilities in Germany and France in late September.