Sanofi to Buy Translate Bio

French healthcare major Sanofi has agreed to acquire Translate Bio Inc. in a deal that gives the mRNA-therapeutics company a total equity value of around $3.2 billion.

The two companies, which have been working on a mRNA Covid-19 vaccine candidate together, said on Tuesday that Sanofi would acquire all of Translate Bio's outstanding shares for $38.00 a share in cash. The price represents a premium of 56% to Translate Bio's volume-weighted average price a share of the past 60 days, they said.

The boards of directors of both companies approved the deal and Translate Bio's chief executive officer and its largest shareholder The Baupost Group, LLC have agreed to support the offer, the companies said. "Our goal is to unlock the potential of mRNA in other strategic areas such as immunology, oncology, and rare diseases in addition to vaccines," Sanofi Chief Executive Paul Hudson said.

Sanofi's tender offer is planned to start later this month and it expects the takeover of the U.S. company to be completed in the third quarter.

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