PARIS: France's Sanofi said on Monday (Dec 9) it had agreed to buy Synthorx in a cash deal worth around US$2.5 billion as it seeks to beef up its immuno-oncology pipeline.
Under the terms of the merger agreement, Sanofi has offered to buy all of the outstanding shares of Synthorx common stock for US$68 per share in cash.
The US$68 per share acquisition price represents a 172per cent premium to Synthorx’s closing price on Dec 6, 2019.
"This acquisition ... is aligned with our goal to build our oncology franchise with potentially practice-changing medicines and novel combinations," Sanofi CEO Paul Hudson said in a statement.
Sanofi is conducting a broad strategy review under new chief executive Paul Hudson, who will give some initial pointers on which businesses he wants to focus on at an investor day on Dec 10.