Sanofi has agreed to buy US biotech company Translate Bio in a US$3.2 billion deal, as it bets on next-generation mRNA vaccine technology beyond the COVID-19 pandemic, confirming a Reuters exclusive report.
The French pharmaceuticals firm said it would acquire all outstanding shares of Translate Bio for US$38.00 per share in cash, representing a total equity value of about US$3.2 billion.
The boards of both companies have approved the deal, and the chief executive of Translate Bio and the US company’s largest shareholder have backed it, Sanofi and Translate Bio announced in a joint statement.
“Translate Bio adds an mRNA technology platform and strong capabilities to our research, further advancing our ability to explore the promise of this technology to develop both best-in-class vaccines and therapeutics,” Sanofi CEO Paul Hudson said.
In pre-market US trading on Tuesday, August 3, Translate Bio’s stock was up almost 30% in line with the Sanofi offer. In extended trading late on Monday after the Reuters report and before the financial terms had been announced, they had soared more than 70% to above US$50.
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