Sanofi acquires Kadmon for $1.9bnEuropost
The French pharmaceutical company Sanofi announced it had reached a deal to buy US biopharmaceutical company Kadmon for 1.9 billion dollars. The deal comes only a month after the French firm purchased of another US biotech, Translate Bio, for $3.2 billion, Reuters reported. Sanofi elaborated it had offered $9.50 per share in cash for Kadmon, representing a total equity value of approximately $1.9 billion and that both companies' boards unanimously approved the transaction.
Sanofi's price tag represents a 79% premium on Kadmon's share price. "The acquisition supports Sanofi's strategy to continue to grow its general medicines core assets and will immediately add Rezurock (belumosudil) to its transplant portfolio," the two companies said in a joint statement. Rezurock, a treatment for adult and pediatric patients 12 years and older with chronic graft-versus-host disease, was approved in July by the US Federal Drug Administration (FDA).
"Kadmon's pipeline includes drug candidates for immune and fibrotic diseases as well as immuno-oncology therapies", the companies said. Sanofi is under pressure to revive its medicine pipeline and is also eager to overcome setbacks in the Covid-19 vaccine race.