Sanofi Completes $2.5-Bn Acquisition of Cancer Therapy Company Synthorx
Sanofi has completed its $2.5-billion acquisition of Synthorx, a clinical-stage biotechnology company developing treatments for cancer and autoimmune disorders.
With the completion of the deal, Sanofi will gain access to Synthorx’s lead immuno-oncology product candidate, THOR-707, a variant of interleukin-2, which is in clinical development in multiple solid tumor types as a single agent and in combination with immune checkpoint inhibitors. Sanofi and Synthorx had announced the acquisition last year (December 2019).
The tender offer for all of the outstanding shares of Synthorx common stock expired as scheduled on January 22, 2020. The minimum tender condition and all of the other conditions to the offer have been satisfied and on January 23, 2020, Sanofi and its wholly owned subsidiary, Thunder Acquisition Corp., accepted for payment and will promptly pay for all shares validly tendered and not properly withdrawn. Following its acceptance of the tendered shares, Sanofi completed its acquisition of Synthorx through the merger of Thunder Acquisition with and into Synthorx with Synthorx continuing as the surviving corporation and becoming an indirect, wholly owned subsidiary of Sanofi.
In connection with the merger, all Synthorx shares not validly tendered in the tender offer have been converted into the right to receive the same $68 per share in cash, without any interest thereon and net of applicable withholding taxes, that would have been paid had such shares been validly tendered in the tender offer.