The agreement between Sanofi and Principia Biopharma marked the second major acquisition following Gilead Sciences' purchase of cancer drug maker Forty Seven Inc. for USD 4.9 billion.
France-based pharmaceutical and vaccine manufacturer Sanofi is acquiring US-based biopharmaceutical company Principia Biopharma, which specializes in cancer therapy, for USD 3.7 billion.
The acquisition, which will be conducted entirely in cash, will give Sanofi complete control of Principia Biopharma following the transaction.
According to a statement from the company, Sanofi will pay USD 100 per share for Principia, whose shares have appreciated 66% this year. This represents a 10% premium over Principia's Friday closing price.
This agreement marked the second major acquisition following Gilead Sciences' purchase of cancer drug maker Forty Seven Inc. for USD 4.9 billion in March.
Commenting on the matter, Sanofi Chief Executive Officer Paul Hudson stated, "This acquisition will accelerate our research and development efforts on the most promising drugs."
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