France's Sanofi has agreed to buy U.S. biotech firm Synthorx in a cash deal worth around $2.5 billion.
The move helps Sanofi boost its immuno-oncology pipeline.
Sanofi has offered $68 per share in cash for every Synthorx share, which comes out to a 172 percent premium to Synthorx’s closing price on Dec. 6, 2019.
"This acquisition fits perfectly with our strategy to build a portfolio of high-quality assets and to lead with innovation, as you will hear at our Capital Markets Day tomorrow, December 10," said Paul Hudson, Chief Executive Officer, Sanofi. "Additionally, it is aligned with our goal to build our oncology franchise with potentially practice-changing medicines and novel combinations."
The transaction was unanimously approved by both the Sanofi and Synthorx Boards of Directors.