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Sanofi picks up Principia Biopharma for US$3.7 billion

Sanofi picks up Principia Biopharma for US$3.7 billion

FILE PHOTO: The logo of Sanofi is seen at the company's headquarters in Paris, France, Apr 24, 2020. (REUTERS/Charles Platiau/File Photo)

PARIS: French pharmaceutical group Sanofi said on Monday (Sep 28) it has finalised acquisition of US biotech firm Principia Biopharma for US$3.7 billion.

The operation, first announced in August, was aimed at boosting Sanofi's research and development into auto-immune and allergic diseases.

Sanofi agreed to pay US$100 per share in cash for Principia Biopharma, a company with which it has been cooperating since 2017.

That year, Sanofi secured an exclusive global licence to develop and market Principia Biopharma BTK'168 drug for treating multiple sclerosis and other central nervous system illnesses.

"The Principia acquisition further strengthens our core areas of auto-immune and allergic diseases," Sanofi chief executive Paul Hudson was quoted on Monday as saying.

Beyond diseases of the nervous system, Principia hopes to develop an entire portfolio of similar drugs that could target different organ systems in patients suffering from "immune-mediated" diseases, chief executive Martin Babler said last month.

Source: AFP/kv

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