Sanofi said on Tuesday it has made a $3.2 billion offer to buy U.S. biotech company Translate Bio, as it bets on next-generation mRNA technology after setbacks in the COVID-19 vaccine race, confirming a Reuters exclusive report.
Sanofi said it would acquire all outstanding shares of Translate Bio for $38.00 per share in cash, representing a total equity value of about $3.2 billion for Translate Bio. The boards of both companies have approved the deal, it said.
“Translate Bio adds an mRNA technology platform and strong capabilities to our research, further advancing our ability to explore the promise of this technology to develop both best-in-class vaccines and therapeutics,” Sanofi Chief Executive Paul Hudson said in a statement.
Translate Bio’s shares surged on Monday following the Reuters report. Sanofi’s offer of $38 represents a 30.4% premium to Translate Bio’s August 2 closing price of $29.15.
Sanofi’s bid for Translate Bio marks the latest interest by a large pharmaceutical company in mRNA technology, following its proven success in COVID-19 vaccines developed by Pfizer/BioNTech and Moderna.
