Sanofi to Buy Protein Sciences For $650 Million

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It has been announced that Sanofi (OTC:$SNYNF), a French pharmaceutical company, will be purchasing Protein Sciences, a privately-held U.S. vaccines biotech company, for $650 million. This deal indicates that Sanofi is going forward with its plan to step up its acquisition program after it missed two large deals.

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Under the terms of the deal, Sanofi will be required to make an upfront payment of $650 million for Protein Sciences. Additionally, the French drug maker and healthcare group will have to pay up to $100 million after they achieve certain milestones.

“The acquisition of Protein Sciences will allow us to broaden our flu portfolio with the addition of a non-egg based vaccine,” said David Loew, Sanofi’s executive vice president.

It’s been a rough couple years for Sanofi which is why this deal is so significant. For instance, Sanofi missed out to Johnson & Johnson purchasing Switzerland’s biotech company Actelion (OTC:$ALIOF) in January and was also beaten in August of 2016 by a $14 billion bid for Medivation (NASDAQ:$MDVN), a cancer specialist company, from Pfizer (NYSE:$PFE).

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