Sanofi Asks Banks to Pitch for $20 Billion OTC Spinoff

French drugmaker Sanofi has asked banks to pitch for roles on the separation of its consumer-health business, according to people familiar with the matter, one of the biggest deals likely to happen in Europe this year.

Banks recently submitted their responses to the request for proposals, the people said, asking not to be identified because the information is private. Sanofi could pick advisers in the coming weeks, the people said.