Sanofi to Buy Translate Bio to Accelerate mRNA-Technology Use
August 03 2021 - 1:57AM
Dow Jones News
By Kim Richters
French healthcare major Sanofi has agreed to acquire Translate
Bio Inc. in a deal that gives the mRNA-therapeutics company a total
equity value of around $3.2 billion.
The two companies, which have been working on a mRNA Covid-19
vaccine candidate together, said on Tuesday that Sanofi would
acquire all of Translate Bio's outstanding shares for $38.00 a
share in cash. The price represents a premium of 56% to Translate
Bio's volume-weighted average price a share of the past 60 days,
they said.
The boards of directors of both companies approved the deal and
Translate Bio's chief executive officer and its largest shareholder
The Baupost Group, LLC have agreed to support the offer, the
companies said.
"Our goal is to unlock the potential of mRNA in other strategic
areas such as immunology, oncology, and rare diseases in addition
to vaccines," Sanofi Chief Executive Paul Hudson said.
Sanofi's tender offer is planned to start later this month and
it expects the takeover of the U.S. company to be completed in the
third quarter.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
August 03, 2021 01:47 ET (05:47 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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