Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Sanofi SA (NASDAQ:SNY) will acquire Principia Biopharma Inc (NASDAQ:PRNB) for $3.68 billion in cash, the two companies announced Monday.
What Happened
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Under the agreement, the French drugmaker will purchase all of Principia’s outstanding shares at $100 each, in cash. The boards of the two companies have given their approval for the transaction, the drugmakers said.
The two companies have been cooperating on autoimmune diseases, specifically, a multiple sclerosis treatment termed "BTK inhibitor ‘168," since 2017.
“Full ownership of our brain-penetrant BTK inhibitor '168 removes complexities for this priority development program and simplifies future commercialization,” Sanofi CEO Paul Hudson said in a statement.
The Paris-based drugmaker expects to close the deal by the end of this year.
Want Private Access to Benzinga Analyst?
Check out the latest strategies our team of experts are using every week so that you can always adapt to the market like the pros!—Get FULL Access to This Week's Webinar Here.
Why It Matters
Sanofi's acquisition of Principia Biopharma would allow the latter to leverage BTK inhibitors for targeting specific organs, according to the San Francisco-based company’s CEO Martin Babler.
In late July, Sanofi SA reached an agreement with GlaxoSmithKline plc (NYSE:GSK) to supply the United Kingdom with 60 million doses of their jointly-developed COVID-19 vaccine. The companies expect a regulatory approval for the vaccine candidate in the first half of 2021, pending positive clinical data.
Separately, Sanofi is also collaborating with Translate Bio, Inc (NASDAQ:TBIO) for the development of an RNA vaccine candidate.
Price Action
Sanofi shares closed nearly 2% lower at $50.33 on Friday and gained almost 0.2% in the after-hours. Principia shares closed almost 1.1% lower at $90.74 the same day.
Photo courtesy: Sanofi SA via Flickr
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.