Sanofi CEO Paul Hud­son has $23B burn­ing a hole in his pock­et. And here are some hints on how he plans to spend that

Sanofi has reaped $11.1 bil­lion af­ter sell­ing off a big chunk of its Re­gen­eron stock at $515 a share. And now every­one on the M&A side of the busi­ness is fo­cused on how CEO Paul Hud­son plans to spend it.

Af­ter get­ting stung in France for some awk­ward pol­i­tick­ing — sug­gest­ing the US was in the front of the line for Sanofi’s vac­cines giv­en Amer­i­can fi­nan­cial sup­port for their work, ver­sus lit­tle help from Eu­ro­pean pow­ers — Hud­son now has the much more pop­u­lar task of man­ag­ing a ma­jor cash cache to pull off some­thing in the or­der of a big bolt-on. Or two.

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