Sanofi will acquire the Belgian biotech company Ablynx for 3.9 billion euros ($4.8 billion), just a few days after the company turned down Novo Nordisk’s bid.
The acquisition is Sanofi’s second major takeover deal this month following its acquisition of Bioverativ.
“Since our founding in 2001, our team has been focused on unlocking the power of our Nanobody technology for patients. The results of our work are validated by clinical data. As we look ahead, we believe Sanofi’s global infrastructure, commitment to innovation and commercial capabilities will accelerate our ability to deliver our pipeline. Our Board of Directors feels strongly that this transaction represents compelling value for shareholders and maximizes the potential of our pipeline to the benefit of all stakeholders,” said Ablynx’s Chief Executive Officer Edwin Moses.
The companies said Sanofi would pay 45 euros per share in cash for Ablynx, a premium of 21.2 percent over the Belgian firm’s closing stock price on Friday. The deal comes after Ablynx rejected a lower offer from Denmark’s Novo Nordisk .
“With Ablynx, we continue to advance the strategic transformation of our research and development, expanding our late-stage pipeline and strengthening our platform for growth in rare blood disorders,” Sanofi Chief Executive Officer Olivier Brandicourt in the companies’ joint statement.
Photo of Edwin Moses, CEO of Ablynx