Sanofi to acquire biotechnology firm Synthorx for $2.5 billion
Category: #health  By Saipriya Iyer  Date: 2019-12-11
  • share
  • Twitter
  • Facebook
  • LinkedIn

Sanofi to acquire biotechnology firm Synthorx for $2.5 billion

Sanofi, a renowned France based multinational pharmaceutical company, reportedly announced that it would be acquiring California based biotechnology firm, Synthorx, for $2.5 billion. Sanofi offered to purchase all outstanding shares of Synthorx in cash for $68 per share, or a premium of 172% to Synthorx’s Dec. 6, 2019 closing price.

Paul Hudson, Chief Executive, Sanofi, reportedly stated that the acquisition fits ideally with the company’s strategy to build high-quality assets and to lead innovation. Hudson further adds that the deal is aligned with the company’s goal to build their oncology franchise with practice changing medicines and new combinations.

As stated by the company’s website, Synthorx is a clinical-stage biotech firm focusing on therapies for people diagnosed with auto immune disorders and cancer. It recorded a net loss of $56.6 million in 2018.

The acquisition is expected to be completed in the first quarter of 2020.

A broad strategy review was conducted by Sanofi under Hudson. Hudson had given initial pointers as to which business the company would focus on during investor day held in Cambridge, Massachusetts on December 10. Furthermore, Hudson also stated that significant changes are being made in the company.

As a precursor to its new growth strategy, Sanofi sold its Seprafilm unit to Baxter International, a medical supply company, for $350 million in cash.

About Sanofi:

Sanofi is a renowned pharmaceutical company headquartered in Paris, France. The company engages in the marketing and manufacturing, research and development of pharmaceutical drugs, it also develops medications over the counter. It covers seven major therapeutic areas like internal medicine, central nervous system, diabetes, oncology, vaccines, thrombosis and cardiovascular.

About Synthorx:

Synthorx is a renowned biotech firm focusing on improving lives of people diagnosed with autoimmune and cancer disorders. The firms leading product, THOR-707, a variation of IL-2 has been developed in multiple tumor types as a single agent combined with an immune checkpoint inhibitor.
 

Source credit: https://www.reuters.com/article/us-sanofi-m-a-synthorx/frances-sanofi-to-buy-biotech-firm-synthorx-for-2-5-billion-idUSKBN1YD0FW



About Author

Saipriya Iyer

Email: [email protected]   

Saipriya Iyer

Saipriya Iyer develops content for Market Size Forecasters, Algosonline, and myriad other platforms. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her bel...

Read More

More News By Saipriya Iyer

Foodics enters Egypt market by setting an on-ground presence in Cairo
Foodics enters Egypt market by setting an on-ground presence in Cairo
By Saipriya Iyer

Saudi Arabia-based restaurant management platform Foodics, has announced that it has entered the Egyptian market by creating an on-the-ground presence in Cairo.  The expansion comes after the company raised USD 4 ...

Food Emulsifiers Market to Witness an Appreciable Growth By 2026
Food Emulsifiers Market to Witness an Appreciable Growth By 2026
By Saipriya Iyer

This advanced report on the Food Emulsifiers Market includes of an in-depth overview of this business sphere. Alongside, details of the present market size and status have been given. The report aims to provide substantial updates on the market, p...

Bharat Biotech reveals positive data from animal trial of Covaxin
Bharat Biotech reveals positive data from animal trial of Covaxin
By Saipriya Iyer

Bharat Biotech, an Indian biotechnology company, has reportedly revealed positive results from the animal trial of Covaxin, India’s COVID-19 vaccine candidate.

In the animal t...