Sanofi (NASDAQ:SNY) and Principia Biopharma (NASDAQ:PRNB) have entered into a definitive agreement under which Sanofi will acquire all of the outstanding shares of Principia for $100/share in cash, representing an aggregate equity value of ~$3.68B, in a cash tender offer.
In 2017, Sanofi collaborated with Principia under which latter granted SNY an exclusive, worldwide license to develop and commercialize BTK inhibitor SAR442168 in multiple sclerosis and other central nervous system diseases.
“Full ownership of our brain-penetrant BTK inhibitor ‘168 removes complexities for this priority development program and simplifies future commercialization,” said Paul Hudson, Sanofi CEO.
The transaction is expected to be completed in Q4.
Sanofi will host a webcast and conference call at 9:00 am ET on August 17.
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