BRIEF—Principia rises as, as Sanofi rumored to be eyeing the company

Principia Biopharma shot up due to swirling rumors regarding Sanofi's interest in the firm, Avisol Capital Partners noted on the Seeking Alpha blog last Friday.

Principia’s shares were up 12% to $83 at 2:10 pm in New York, giving the company a market value of about $2.7 billion.

The French pharma company is currently looking to expand its presence in the USA and is weighing different options.

Principia is a late-stage biopharmaceutical firm and is mainly invested in developing novel therapies of immune-mediated diseases.

Sanofi is currently collaborating with Principia for testing the potential of SAR442168 in relapsing multiple sclerosis.

The trial is currently in Phase III stage and is currently engaged in patient enrolment, and Sanofi will have to pay Principia a $50 million milestone payment upon dosing.

While both Principia and Sanofi refused to comment on acquisition rumors, it is believed that the latter may be willing to shell out as high as $50 billion on different acquisitions in the coming months, said Bloomberg.