Sanofi, a global biopharmaceutical company with its U.S. headquarters in Bridgewater, announced on Monday it will acquire all of the outstanding shares of Principia Biopharma Inc. for $100 per share or $3.36 billion.
“This acquisition advances our ongoing R&D transformation to accelerate development of the most promising medicines that will address significant patient needs,” Paul Hudson, CEO, Sanofi, said. “The addition of multiple BTK inhibitors to our pipeline demonstrates our commitment to strategic product acquisitions in our priority therapeutic areas.”
Once the deal has closed, the wholly-owned subsidiary of Sanofi will merge with Principia Biopharma and the outstanding Principia Biopharma shares not tendered in the offer will be converted into the right to receive the same $100 per share in cash.
“Principia’s successful design and development of a whole portfolio of BTK inhibitors for immunology is aimed to transform the treatment for patients with immune-mediated diseases. By combining with Sanofi, we will bring significant resources to expand and accelerate the potential benefits of these therapies. The benefit of developing several BTK inhibitors will allow us to target specific organ systems for optimal patient benefit. The merger will provide global resources to get these novel therapies to patients faster,” Martin Babler, CEO and president, Principia Biopharma, said.
The acquisition is expected to close in the fourth quarter of 2020.
Evercore are acting as the financial advisor and Weil, Gotshal & Manges LLP are acting as legal counsel to Sanofi. Centerview Partners LLC and BofA Securities are acting as financial advisors and Cooley LLP is acting as legal counsel to Principia Biopharma.