Sanofi buys Principia Biopharma for 3.11 billion euros
Merger between Sanofi and Principia Biopharma.
The French pharmaceutical Sanofi has reached a “definitive agreement” to acquire the US laboratory Principia Biopharma for 3.68 billion dollars (3.11 billion euros) in cash, according to the companies, which expect to complete the transaction in the fourth quarter of 2020.
According to the conditions of the operation, which has the unanimous support of the boards of directors of both companies, Sanofi will pay $ 100 in cash for each Principia Biopharma share, which represents a premium of 10% over the closing price of the titles of the company last Friday.
Once the transaction is completed, a Sanofi subsidiary will merge with Principia and all the shares that have not joined the purchase will be converted into collection rights of the same price as the one paid during the offer, which will begin this month.
“This acquisition advances our R&D transformation to accelerate the development of medicines to treat significant patient needs,” said Paul Hudson, CEO of Sanofi.
“The combination with Sanofi will bring substantial resources to expand and accelerate the potential benefits of the therapies,” said Martin Babler, president and CEO of Principia Biopharma.
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