Sanofi snatches up Protein Sciences for $750 million
French drug maker Sanofi has announced that it has agreed to acquire vaccine biotech company Protein Sciences for a potential total of $750 million – this includes a payment of $650 million up front, and up to $100 million in milestone payments dependent on project successes.
The acquisition is significant for Sanofi as it secures ownership of the only FDA-approved recombinant protein-based influenza vaccine – Protein Sciences’ Flubok Quadrivalent Influenza Vaccine. The administration awarded market authorisation to the Meridan, Connecticut-based biotech for the vaccine in October of last year.
The deal was unanimously agreed by Protein Sciences’ board of Directors, as well as the majority of the firm’s shareholders. The acquisition is due to close in the third quarter of this year.
David Loew, Sanofi’s Executive Vice President and Head of vaccine division Sanofi Pasteur, commented: “The acquisition of Protein Sciences will allow us to broaden our flu portfolio with the addition of a non-egg based vaccine,” while Manon M J Cox, President and Chief Executive Officer at Protein Sciences, remarked: “Protein Sciences was actively looking for an opportunity to grow its business, particularly in the US. As part of Sanofi Pasteur, we expect our Flublok influenza vaccine to benefit from Sanofi Pasteur’s expertise in the field of influenza vaccines.”
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