(Bloomberg) -- Ipsen SA has picked an adviser to help it weigh options for its consumer health unit.
The French drugmaker is working with Lazard Ltd. on a strategic review of the business, a spokesperson for Ipsen confirmed in response to Bloomberg queries. The business could be valued at as much as $500 million in a potential sale, according to people with knowledge of the matter.
Ipsen's consumer health unit is likely to draw interest from both strategic and financial investors, the people said, asking not to be identified because the information is private. Ipsen announced a strategic review of its consumer health business under recently-appointed Chief Executive Officer David Loew in December.
Deliberations are ongoing and no final decisions on any sale have been made. A spokesperson for Lazard declined to comment.
Pharmaceutical companies are increasingly spinning off or seeking to sell their over-the-counter businesses to focus on more high-margin areas such as oncology and treatments for rare diseases. GlaxoSmithKline Plc is working with advisers on plans to carve out its consumer unit, while rival Sanofi SA has been discussing options for its consumer health business.
Ipsen's consumer health unit generated sales of about 211 million euros last year, according to its website. Its portfolio includes treatments for everything from symptomatic gout and vertigo, to irritating coughs and muscle spasms.
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