Sanofi SA is to buy U.S.-based Principia Biopharma Inc for around $3.7 billion, the companies announced on Monday, marking the French healthcare company's latest acquisition in the biotech sector.
) for around $3.7 billion, the companies announced on Monday, marking the French healthcare company’s latest acquisition in the biotech sector.
The deal will strengthen Sanofi’s research capabilities in areas such as autoimmune and allergic diseases, the companies said, and will see the French company buy the outstanding shares of Principia for $100 per share in cash. “This acquisition advances our ongoing R&D transformation to accelerate development of the most promising medicines that will address significant patient needs,” said Sanofi Chief Executive Paul Hudson..FCHI“We like the relatively low risk value accretion of this deal with longer-term optionality, that fits within the strategy of deploying firepower across numerous bolt-on deals,” wrote brokerage Jefferies, which kept a ‘buy’ rating on Sanofi.
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