French pharma giant Sanofi SA has agreed to buy Synthorx Inc for US$2.5 billion, more than double the US biotech company’s last market price, accelerating its push into the field of cancer under new chief executive officer Paul Hudson.
Sanofi is to pay US$68 a share in cash for Synthorx, the companies said yesterday.
Shares of the unprofitable San Diego-based company closed at US$25.03 on Friday, having surged 40 percent last week.
The deal underscores the Paris-based drugmaker’s efforts to build its portfolio of innovative therapies in the fast-growing and lucrative cancer field.
Today, Hudson is to outline his pipeline and acquisition priorities, along with his plans for the consumer-health, diabetes and other units.
The purchase marks Sanofi’s first multibillion acquisition since early last year.
BANKING ON ONE MAN
Investors are counting on Hudson to fire up Sanofi’s research operations and step up the search for novel products to reduce its reliance on Dupixent, a standout medicine for severe eczema and asthma.
Hudson, the former pharma head at Novartis AG, is credited with launching key medicines at his previous job before becoming chief executive of Sanofi in September.
CANCER DRUGS
Synthorx’s main asset, known as THOR-707, is being explored across multiple types of solid tumors, and together with immune checkpoint inhibitors and other future combinations, the companies said.
The French drugmaker earlier this year said that it would accelerate 17 drug programs, almost half in cancer, and drop more than a dozen others under development.
Analysts at HSBC Holdings PLC in August wrote that more deals would be the fastest way to build up Sanofi’s stable of medicines and profile in cancer.
Sanofi shares have climbed about 11 percent since Hudson was named chief executive in June, closing at 83.56 euros on Friday.
The stock had declined almost 16 percent over the previous four years.
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