BRIEF—Breaking news: Sanofi gazumps Novo Nordisk in bid for Ablynx

In a surprise announcement this morning, Belgium biotech firm Ablynx revealed that it has entered into a definitive agreement to be acquired by French pharma major Sanofi..

The proposed deal comes after Ablynx earlier this month rejected a takeover approach from Danish diabetes care giant Novo Nordisk, describing that offer – of around $3.1 billion – as undervaluing the company

Sanofi will offer to acquire all of the outstanding ordinary shares of Ablynx, including shares represented by American Depositary Shares (ADSs), warrants and convertible bonds of Ablynx at a price per share of 45 euros in cash, which represents an aggregate equity value of approximately 3.9 billion euros ($4.85 billion).

The transaction was unanimously approved by both the Sanofi and Ablynx boards of directors. Look out more on this later.