Clifford Chance advised Banco Santander, S.A., Barclays Bank PLC, Citigroup Global Markets Limited, ING and The Royal Bank of Scotland plc on the issuance of EUR 1.8 billion of notes by Sanofi. The notes were admitted to trading on the Euronext Paris market on 5 April 2016.

The three series were drawn under Sanofi's Euro Medium Term Note Programme, and priced as follows:

* EUR 500 million 0.000 per cent. Fixed Rate Notes due 5 April 2019
* EUR 600 million 0.625 per cent. Fixed Rate Notes due 5 April 2024
* EUR 700 million 1.125 per cent. Fixed Rate Notes due 5 April 2028

Sanofi intends to use the net proceeds of the offering for general corporate purposes, including the repayment of existing borrowings.

The Clifford Chance team included Cédric Burford (Partner), Andrew McCann (Senior Associate) and Rachel Brown (Trainee Solicitor).