import re
string = "<temp>The sale happened on February 22nd</temp>"
res = re.sub('<temp>(.*?)</temp>', lambda m: "<temp>{}</temp>".format( m.group(1).replace(" on ", " {replace} ") ), string, flags=re.DOTALL)
print(res)
aW1wb3J0IHJlCnN0cmluZyA9ICI8dGVtcD5UaGUgc2FsZSBoYXBwZW5lZCBvbiBGZWJydWFyeSAyMm5kPC90ZW1wPiIKcmVzID0gcmUuc3ViKCc8dGVtcD4oLio/KTwvdGVtcD4nLCBsYW1iZGEgbTogIjx0ZW1wPnt9PC90ZW1wPiIuZm9ybWF0KCBtLmdyb3VwKDEpLnJlcGxhY2UoIiBvbiAiLCAiIHtyZXBsYWNlfSAiKSApLCBzdHJpbmcsIGZsYWdzPXJlLkRPVEFMTCkKcHJpbnQocmVzKQ==