Sanofi bolsters I-O pipeline with Synthorx acquisition

French pharma major Sanofi (Euronext: SAN) has entered into a definitive agreement under which it will acquire all of the outstanding shares of US clinical-stage biotech Synthorx (Nasdaq: THOR) for $68 per share in cash.

The $68 per share acquisition price represents a 172% premium to Synthorx’ closing price on December 6, 2019, and represents an aggregate equity value of around $2.5 billion (on a fully diluted basis). The transaction was unanimously approved by both the Sanofi and Synthorx boards of directors. It is expected to close in the first quarter next year.

Sanofi’s shares were down 0.90% at 82.81 euros by mid-morning, while no pre-market activity in Synthorx had yet been noted as this story was published.