Health and Science

French group Sanofi to buy U.S. firm Principia Biopharma for $3.7 billion

A lab technician dedicated to the vaccines formulation, wearing Personal Protective Equipment, prepares stainless steel tanks for manufacturing vaccines preparations before the syringe filling phase, at a French pharmaceutical company Sanofi's world distribution centre in Val-de-Reuil.
Joel Saget | AFP via Getty Images

French health care company Sanofi has agreed to buy U.S. company Principia Biopharma for around $3.7 billion, the companies said on Monday, strengthening Sanofi's presence in research and development (R&D) areas.

Sanofi said it would buy all of the outstanding shares of Principia for $100 per share in cash, representing an aggregate equity value of approximately $3.68 billion on a fully diluted basis.

"This acquisition advances our ongoing R&D transformation to accelerate development of the most promising medicines that will address significant patient needs," said Sanofi chief executive Paul Hudson.