Business & Investment

French Sanofi buys US biopharmacy company Kadmon for $ 1.9 billion Reuters

© Reuters. File Photo: The Sanofi logo can be seen at its headquarters in Paris, France, on April 24, 2020. REUTERS / Charles Platiau

Paris (Reuters)-French pharmaceutical company Sanofi (NASDAQ :) Announced on Wednesday to acquire US biopharmacy company Cadomon Holdings (NASDAQ :) A month after announcing the purchase of another US biotechnology, Translate Bio (NASDAQ :), for $ 3.2 billion.

Sanofi said it provided Cadomon with $ 9.50 in cash per share, with a total share value of approximately $ 1.9 billion on a fully diluted basis, and the boards of directors of both companies unanimously approved the transaction. rice field.

The Sanofi price tag represents a 79% premium on Tuesday’s Cadomon closing price of $ 5.30.

“The acquisition supports Sanofi’s strategy to continue expanding its core assets in over-the-counter drugs and will soon add Lesbianlock (Belmoszil) to its transplant portfolio,” the two companies said in a joint statement.

Rezurock, a treatment for adult and pediatric patients aged 12 years and older with chronic graft-versus-host disease (cGVHD), was approved by the US Food and Drug Administration (FDA) in July.

“The Cadomon pipeline includes candidate drugs for immune and fibrotic diseases and immunotumor therapies,” the two companies said.

Sanofi is under pressure to revive its pharmaceutical pipeline and is also keen to overcome the recession of the COVID-19 vaccine race.

Kadmon’s trading is expected to be reasonably diluted against Sanofi’s EPS in 2022.

At a closing price of € 86,95 on Tuesday, Sanofi’s share price has risen 10.5% since the beginning of the year, below the European Healthcare Index, which rose 18% in the meantime.

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French Sanofi buys US biopharmacy company Kadmon for $ 1.9 billion Reuters

https://www.investing.com/news/stock-market-news/frances-sanofi-to-buy-us-biopharma-firm-kadmon-in-19-billion-deal-2610124 French Sanofi buys US biopharmacy company Kadmon for $ 1.9 billion Reuters

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