Sanofi to swallow up mRNA partner for $3.2 billion
Having previously entered into a licensing deal with Translate Bio (Nasdaq: TBIO), French pharma major Sanofi (Euronext: SAN) today revealed that it has reached an accord to buy the US clinical-stage mRNA therapeutics company, whose shares shot up nearly 30% to $37.65 by mid-morning on the news.
As part of its endeavor to accelerate the application of messenger RNA (mRNA) to develop therapeutics and vaccines, Sanofi will acquire all outstanding shares of Translate Bio for $38.00 per share in cash, which represents a total equity value of approximately $3.2 billion (on a fully diluted basis). The Sanofi and Translate Bio boards of directors unanimously approved the transaction.
The purchase price represents a premium of 56% to Translate Bio’s volume-weighted average price per share over the past 60 days. Subject to the satisfaction or waiver of customary closing conditions, Sanofi expects to complete the acquisition in the third quarter of 2021.
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