Sanofi trumps Novo Nordisk with agreed $ 4.8 B bid for Ablynx

PARIS (Reuters): Sanofi has agreed to buy biotech company Ablynx for 3.9 billion euros ($4.8 billion), beating Novo Nordisk and marking the French drug maker’s second major takeover this month after buying Bioverativ.

The companies said Sanofi would pay 45 euros per share in cash for Ablynx, a premium of 21.2% over the Belgian firm’s closing stock price on Friday. The deal comes after Ablynx had earlier rejected a lower offer from Denmark’s Novo Nordisk.

“With Ablynx, we continue to advance the strategic transformation of our research and development, expanding our late-stage pipeline and strengthening our platform for growth in rare blood disorders,” Sanofi Chief Executive Officer Olivier Brandicourt in the companies’ joint statement.

Earlier this month, Sanofi had agreed to buy US haemophilia specialist Bioverativ for $11.6 billion, its biggest deal for seven years and a major play to strengthen its presence in treatments for rare diseases.

Sanofi said Ablynx would boost long-term value for its shareholders, while the takeover was expected to have a neutral impact on Sanofi’s business earnings per share (EPS) in 2018 and 2019.