Sanofi is working with an adviser to start preparations for a planned separation of its consumer health division, people with knowledge of the matter said.

Paris-based Sanofi is in the early stages of speaking with Rothschild & Co. about a separate listing of the business, which could be valued at more than $20 billion in any deal, the people said.

The business has also attracted some initial interest from major buyout firms that have been evaluating a potential acquisition, according to the people. Sanofi’s consumer health division sells over-the-counter products including Phytoxil cough syrups, Icy Hot pain relief gels and Dulcolax laxative tablets.

Sanofi could bring on more advisers for the spinoff at a later date, the people said. Deliberations are ongoing, and there’s no certainty they will lead to a transaction.

Representatives for Sanofi and Rothschild declined to comment.

Sanofi shares rose 0.1% to €83.76 at 9:03 a.m. in Paris.

--With assistance from Manuel Baigorri, Tim Loh and Ryan Gould.

(Updates with stock price in last paragraph.)

Author: Dinesh Nair, Swetha Gopinath, Michelle F. Davis and Ruth David