Friday, 03 Jul 2020

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Sanofi to buy biotech firm Synthorx

No icon Pharmaceuticals

Health Desk-10 Dec, 2019: French multinational pharmaceutical company Sanofi on Monday agreed to buy California-headquartered biotechnology firm Synthorx in a cash deal worth about $2.5 billion as it steps up a push in the lucrative field of cancer drugs under its new chief executive.

Sanofi has offered to buy all the outstanding shares of Synthorx common stock for $68 per share in cash, or a 172 percent premium to Synthorx’s closing price on Dec. 6, 2019.

“This acquisition fits perfectly with our strategy to build a portfolio of high-quality assets and to lead with innovation, as you will hear at our Capital Markets Day tomorrow, December 10,” Sanofi Chief Executive Paul Hudson said in a statement.

Synthorx, which posted a 2018 net loss of $56.6 million, is a clinical-stage biotech company focused on therapies for people with cancer and auto-immune disorders, according to the company’s website.

Sanofi expects to complete the acquisition in the first quarter of 2020. By 0946 GMT, Sanofi shares were down 0.7 percent at 82.94 euros.

Courtesy: Reuters, Paris