https://cna-sg-res.cloudinary.com/image/upload/q_auto,f_auto/image/12167378/16x9/991/557/667f7f6911fef895906bb1118f5504d9/DB/the-logo-of-sanofi-is-seen-at-the-company-s-research-and-production-centre-in-vitry-sur-seine--1.jpg
The logo of Sanofi is seen at the company's research and production centre in Vitry-sur-Seine, France, Aug 6, 2019. (Photo: Reuters/Charles Platiau)

France's Sanofi to buy Synthorx for US$2.5 billion

PARIS: France's Sanofi said on Monday (Dec 9) it had agreed to buy Synthorx in a cash deal worth around US$2.5 billion as it seeks to beef up its immuno-oncology pipeline.

Under the terms of the merger agreement, Sanofi has offered to buy all of the outstanding shares of Synthorx common stock for US$68 per share in cash.

The US$68 per share acquisition price represents a 172per cent premium to Synthorx’s closing price on Dec 6, 2019.

"This acquisition ... is aligned with our goal to build our oncology franchise with potentially practice-changing medicines and novel combinations," Sanofi CEO Paul Hudson said in a statement.

Sanofi is conducting a broad strategy review under new chief executive Paul Hudson, who will give some initial pointers on which businesses he wants to focus on at an investor day on Dec 10.