Kiadis goes into stratosphere on news of takeover bid

2 November 2020

Shares of Netherlands-based biotech Kiadis Pharma (Euronext: KDS) skyrocketed 238% to 4.95 euros in early trading this morning, after it revealed a definitive agreement to be acquired by French pharma major Sanofi (Euronext: SAN), shares of which were up 2.6% at 79.40 euros.

Under the terms of the offer, Sanofi will make a public offer (subject to satisfaction of certain customary conditions) to acquire the entire share capital of Kiadis for 5.45 euros per share, representing an aggregate adjusted equity value of 308 million euros ($358.8 million).

The offer price represents a premium of 272% over the closing price on October 30, 2020, a premium of around 247% over the 30 trading days VWAP and a premium of approximately 200% over the 90 trading days VWAP. The offer is subject to certain customary conditions, including obtaining required competition clearance, and is expected to complete in the first half of 2021.

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