French drug company Sanofi SA (SNY) said Tuesday it would buy vaccines biotechnology firm Protein Sciences for an up-front payment of $650 million.
Sanofi said it would pay up to another $100 million if the influenza vaccine specialist achieves certain milestones.
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Protein Sciences received approval from the Food and Drug Administration in October for the protein-based influenza vaccine Flublock Quadrivalent influenza vaccine.
With the vaccine, Sanofi adds a non-egg-based vaccine to its flu portfolio, the French company said.
The acquisition has been approved unanimously by the board of Protein Sciences and is expected to close at the end of the third quarter.
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(END) Dow Jones Newswires
July 11, 2017 01:49 ET (05:49 GMT)