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Thursday, February 29, 2024

Sanofi Acquires the Biotechnology Company Translate Bio for $3.2 billion

The French pharmaceutical company Sanofi has agreed to acquire the US biotechnology company “Translate Bio” in a $3.2 billion deal, as it bets on the next generation of mRNA vaccine after the Coronavirus pandemic.

Sanofi said it will acquire all outstanding shares in Translate Bio for $38 per share in cash, which represents a total share value of approximately $3.2 billion.

The boards of the two companies approved the deal, and the CEO of “Translate Bio” and the largest shareholder in the American company supported it, according to the two companies in a joint statement.

Shares in the French drugmaker rose 0.3% since this announcement.

“Translate Bio adds a powerful mRNA technology platform and capabilities to our research, enhancing our ability to explore the promise of this technology to develop best-in-class vaccines and therapeutics,” Sanofi CEO Paul Hudson said.

Sanofi’s bid of $38 represents a 30.4% premium to the closing price of the New York-listed company’s stock on Aug. 2.

Sanofi’s offer of “Translate Bio” represents the latest interest by a large pharmaceutical company with mRNA technology, after its confirmed success in Coronavirus vaccines developed by Pfizer-Biontech and Moderna companies.

Sanofi expects to complete the acquisition in the third quarter of 2021.

HBC Editors
HBC Editorshttp://www.healthcarebusinessclub.com
HBC editors are a group of healthcare business professionals from diversified backgrounds. At HBC, we present the latest business news, tips, trending topics, interviews in healthcare business field, HBC editors are expanding day by day to cover most of the topics in the middle east and Africa, and other international regions.

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