French drugmaker Sanofi has agreed to acquire Connecticut-based biotech Protein Sciences for at least $650 million, with the possibility of paying up to $100 million more depending on the achievement of certain milestones. The deal adds a new protein-based influenza vaccine to the portfolio of Sanofi Pasteur, a Sanofi subsidiary that produces vaccines at sites in China, France, Mexico and the US.
It may also provide some consolation after Sanofi lost out to Johnson & Johnson in a $30 billion battle for Swiss biotech Actelion in January. Before that, last August, Sanofi came up short on efforts to acquire oncology specialist Medivation, with the company instead selling to Pfizer in a $14 billion deal.
Sanofi has completed seven M&A deals since the start of 2010, according to the PitchBook Platform, including January's takeover of a consumer healthcare business from Boehringer Ingelheim. Sanofi’s biggest deal of the decade (by far) remains its $20.1 billion acquisition of Genzyme in 2011.
PitchBook subscribers can learn more about Sanofi's investment history.
Article by PitchBook
