In a turn of events on Monday, Sanofi, the French healthcare firm is buying Principia Biopharma (the US company) for a whopping $3.7 billion. The step would enhance the presence of Sanofi in the research and development domain.
In a statement, the French company said that it was looking forward to spending $100 per share to buy all outstanding stocks of Principia Biopharma. That would all be a cash transaction, and on a fully diluted basis, the total equity would amount to approximately $3.68 billion.
Chief executive of Sanofi, Paul Hudson, noted that the acquisition was related to accelerating the development of the company. The transformation would help in addressing the needs of patients significantly.