Sanofi reaches civil settlement with US SEC

Sanofi has reached a civil settlement with the U.S. Securities and Exchange Commission (SEC) fully resolving the SEC’s investigation into possible violations of the U.S. Foreign Corrupt Practices Act.

The settlement relates to an investigation by the SEC and U. S. Department of Justice (DOJ) of certain local activities outside the United States and France, namely, in Kazakhstan, Jordan, Lebanon, Bahrain, Kuwait, Qatar, Yemen, Oman, the United Arab Emirates and the Palestinian territory during the period 2006 to 2015. As part of the settlement, the company neither admits nor denies it engaged in any wrongdoing.

Under the terms of the settlement, Sanofi has consented to pay $25,206,145 and has also agreed to a 2-year period of self-reporting on the effectiveness of its enhanced internal controls and anti-bribery and corruption compliance program. In announcing the settlement, the SEC highlighted Sanofi’s full cooperation with the investigation as well as its strengthened compliance actions.

As disclosed on March 7, 2018, in the company’s annual report (SEC Form 20-F and French “Document de Référence”), the DOJ has also completed its related investigation and has declined to pursue any action.

“Sanofi requires all our employees to act with integrity and to follow the highest standards of conduct. We have worked diligently to strengthen our compliance program worldwide and we are pleased the DOJ and SEC recognized these efforts and our close cooperation,” said Olivier Brandicourt, Sanofi’s Chief Executive Officer. “We will continue to strengthen internal controls, anti-bribery and corruption compliance programs, and our oversight and training of teams worldwide. Conducting our activities in an ethical way is something that our
company takes very seriously.”