Healthcare Group Sanofi Offers To Buy Smaller Peer Kiadis For 308 Mln Euros

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November 2, 2020

PARIS: Sanofi is offering to buy Dutch biotechnology company Kiadis for 308 million euros ($358.4 million) to boost its range of immunotherapy products.

The French drugmaker will offer 5.45 euros in cash, the companies said in a joint statement on Monday, a premium of 272% to Kiadis’ closing share price on Oct. 30.

Shares in Kiadis, focused on cell-based immunotherapy products for the treatment of cancer, were up 245% in early trading. Sanofi shares were up 1.18%.

Kiadis owns a platform based on a so-called “allogeneic natural killer” that can seek and identify malignant cancer cells.

“We believe Kiadis ‘off the shelf’ K-NK cell technology platform will have broad application against liquid and solid tumors, and create synergies with Sanofi’s immuno-oncology pipeline, providing opportunities for us to pursue potential best-in-disease approaches,” said John Reed, global head of research and development at Sanofi.

The deal is the latest in a series of bolt-on transactions for Sanofi. In August, it spent $3.7 billion to buy U.S. autoimmune diseases specialist Principia Biopharma following a $2.5 billion investment to acquire immuno-oncology treatments group Synthorx in December last year.

Sanofi was late to capitalise on the takeoff of immunotherapy – drugs that activate the body’s immune system to attack tumor cells – in the early 2010s.

It is now trying to catch up and is focusing on a pipeline of several medicines that it hopes will secure it a piece of the $100 billion-a-year cancer drug market.

Sanofi said Kiadis’ medicines will be developed alone and in combination with Sanofi’s existing platforms.

($1 = 0.8595 euros)

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Healthcare Group Sanofi Offers To Buy Smaller Peer Kiadis For 308 Mln Euros

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