PARIS (Reuters) – France’s Sanofi <SASY.PA> said on Monday it had agreed to buy Synthorx in a cash deal worth around $2.5 billion (1.95 billion pounds) as it seeks to beef up its immuno-oncology pipeline.
Under the terms of the merger agreement, Sanofi has offered to buy all of the outstanding shares of Synthorx common stock for $68 per share in cash.
The $68 per share acquisition price represents a 172% premium to Synthorx’s closing price on Dec. 6, 2019.
“This acquisition …is aligned with our goal to build our oncology franchise with potentially practice-changing medicines and novel combinations,” Sanofi CEO Paul Hudson said in a statement.
Sanofi is conducting a broad strategy review under new chief executive Paul Hudson, who will give some initial pointers on which businesses he wants to focus on at an investor day on Dec. 10.
(Reporting by Dominique Vidalon; Editing by Kim Coghill)