SAN Sanofi

--Sanofi will acquire Principia Biopharma for an enterprise value of about $3.36 billion

--The move will strengthen Sanofi's R&D areas of autoimmune and allergic diseases

--The deal is expected to close in the fourth quarter

 
   By Cecilia Butini 
 

Sanofi SA said Monday that it has agreed to buy U.S.-based biopharmaceutical company Principia Biopharma Inc. for an equity value of roughly $3.68 billion, in a move to bolster its research and development.

Under the transaction--unanimously approved by the board of directors of both companies--Sanofi will acquire all of Principia's outstanding shares for $100 a share in cash in a tender offer set to start later this month, the French pharmaceutical company said. The acquisition represents an enterprise value of about $3.36 billion, Sanofi said.

Principia Biopharma's focus includes developing treatments for immune-mediated diseases, Sanofi said. The acquisition will strengthen Sanofi's core R&D areas of autoimmune and allergic diseases.

"This acquisition advances our ongoing R&D transformation to accelerate development of the most promising medicines that will address significant patient needs," Sanofi Chief Executive Paul Hudson said.

The company said the deal will allow it to fully control the brain-penetrant BTK inhibitor SAR442168, which is used in the treatment of multiple sclerosis and which is currently licensed to Sanofi.

Sanofi said full ownership of the inhibitor "removes complexities" in the development program and will simplify commercialization.

Sanofi plans to finance the transaction with cash on hand, it said. The deal is expected to close in the fourth quarter.

Write to Cecilia Butini at cecilia.butini@wsj.com

(END) Dow Jones Newswires

August 17, 2020 03:10 ET (07:10 GMT)

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