Maxi acquisition for Sanofi, which announced the purchase of the American company Principle Biopharma in order to strengthen its presence in the research and development sector. The operation is almost worth it 3,7 billions of dollars.
In detail, the French pharmaceutical giant will buy the outstanding shares of Principia for $100 per share, all in cash. According to the joint statement of the two companies, the price represents an aggregate shareholder value of approximately $3,68 billion on a fully diluted basis and a 10% bonus compared to the Aug. 14 close of Principia Biopharma, when the company traded at $90,74 a share.
Principia Biopharma is a US company that deals with the development of therapies for serious immune diseases and, according to what was declared by Sanofi, its acquisition will be useful to strengthen the research capabilities of the French group in areas such as that of autoimmune and allergic diseases.
“This acquisition advances our ongoing R&D transformation to accelerate the development of the most promising medicines that will meet significant patient needs,” he notes. Paul Hudson, CEO of Sanofi.
The acquisition is expected to be completed by the fourth quarter of 2020 and represents the third maxi operation carried out by Sanofi in the last few years. In 2018, the company bought Bioeverativ, the US specialist in the treatment of hemophilia, for 11,6 billion dollars, while last year it bought the biotech company Synthorx in December 2019 for about 2,5 billion dollars.
“The merger will provide global resources to get these new therapies to patients faster,” he comments Martin Babler, president and chief executive officer of Principia Biopharma.
After the announcement, at the Paris Stock Exchange, Sanofi shares they gained half a percentage point to $85,90 while in the Nasdaq pre-market the title Principia Biopharma it rose 11% to $101, exceeding the offer price.
