France's Sanofi to buy Synthorx for $2.5 billion

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PARIS (Reuters) – France’s Sanofi (PA:) said on Monday it had agreed to buy Synthorx in a cash deal worth around $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 $68 per share in cash.

The $68 per share acquisition price represents a 172% 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.

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