Sanofi has confirmed it is to buy Bioverativ, a US biotech group focused on haemophilia treatments, for $11.6bn, putting an end to the French drugmaker’s long quest for a deal.
The Paris-based pharma company said on Monday that it will pay $105 per share in cash to acquire Bioverativ — a hefty 64 per cent premium based on the target company’s closing stock price on Friday.
Sanofi has come under mounting pressure from investors to do a deal after losing out on several big takeovers in the past few years.
Bioverativ, which makes drugs for haemophilia, was spun out of Biogen, the large biotech group, which wanted to focus on medicines for neurological disorders such as multiple sclerosis and Alzheimer’s.
The Massachusetts-based company recorded $847m in sales and $41m in royalties in 2016. It is expected to generate revenues of $1.38bn this year, according to estimates from the Royal Bank of Canada, primarily from sales of its top medicines, Eloctate and Alprolix.
Sanofi said on Monday it expected the acquisition to be immediately accretive to its earnings per share in 2018 and up to 5 per cent accretive in 2019.
The deal, first reported by the Wall Street Journal, represents a win for Alex Denner, a hedge fund manager from Sarissa Capital, which is a large shareholder in Bioverativ.