Plus   Neg

Sanofi Agrees To Buy Synthorx For $2.5 Bln - Quick Facts

French drug maker Sanofi (SNYNF,SNY) announced Monday that it has agreed to acquire Synthorx, Inc. (THOR), a clinical-stage biotechnology company, for $68 per share in cash. The deal represents an aggregate equity value of about $2.5 billion.

The transaction was unanimously approved by both the Sanofi and Synthorx Boards of Directors.

Under the deal terms, Sanofi will commence a cash tender offer to acquire Synthorx stock for $68 per share in cash. The per share acquisition price represents a 172% premium to Synthorx's closing price on December 6.

The tender offer is expected to commence in December 2019, and the acquisition is expected to complete in the first quarter of 2020. Following the successful completion of the tender offer, a Sanofi unit will merge with Synthorx. Sanofi plans to finance the transaction with cash on hand.

Synthorx is focused on prolonging and improving the lives of people suffering from cancer and autoimmune disorders.

John Reed, Global Head of Research & Development at Sanofi, said, "Synthorx's exceptionally novel discovery platform has already produced a molecule that has the potential to become a foundation of the next generation of immuno-oncology combination therapies. By selectively expanding the numbers of effector T-cells and natural killer cells in the body, THOR-707 can be combined with our current oncology medicines and our emerging pipeline of immuno-modulatory agents for treating cancer."

Reed also noted that Synthorx's pipeline of engineered lymphokines has great promise not only for oncology but also for addressing many autoimmune and inflammatory diseases.

Morgan Stanley & Co. is acting as financial advisor to Sanofi and Centerview Partners LLC is acting as exclusive financial advisor to Synthorx.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Polaris Industries Inc. is recalling certain Ranger and General Utility, as well as All-Terrain vehicles citing risks of crash, the U.S. Consumer Product Safety Commission said in a statement. The Medina, Minnesota-based company has called back about 26,730 units of Model Year 2019 - 2020 Ranger XP 1000 & Model Year 2020 General XP 1000 Utility vehicles. Gilead Sciences Inc. (GILD) said Friday that the European Commission has granted conditional marketing authorization for Veklury or remdesivir as a treatment for SARS-CoV-2 infection, the virus that causes COVID-19. FedEx is asking NFL team Washington Redskins to change its name for its racist connotations. The delivery services company, which is a major sponsor for the team, made the suggestion following increasing pressure from its investors amid the ongoing protests against racial injustice and inequality that arose from the killing of African-American George Floyd.
Follow RTT