French pharma giant Sanofi said Monday it will buy US group Principia Biopharma for $3.68 billion in a deal that will boost its research and development into autoimmune and allergic diseases, report agencies.
The deal will see Sanofi "acquire all of the outstanding shares of Principia for $100 per share in cash, which represents an aggregate equity value of approximately $3.68 billion", Sanofi said in a statement.
Sanofi had been cooperating with San Francisco-based Principia since 2017, securing a global exclusive licence to develop and market its drug for treating multiple sclerosis and other central nervous system illnesses known as BTK'168.
"Full ownership... removes complexities for this priority development programme and simplifies future commercialisation," chief executive Paul Hudson said.
The acquisition gives the French drugmaker Principia's pipeline in autoimmune diseases. They include a drug aimed at the rare but painful skin condition pemphigus and another against multiple sclerosis that the two companies have partnered on since 2017.
Beyond diseases of the nervous system, Principia hopes to develop "a whole portfolio" of similar drugs that could target different organ systems in patients suffering from "immune-mediated" diseases after the Sanofi merger, chief executive Martin Babler said.
Principia's most-advanced candidate, rilzabrutinib, is in Phase 3 trials against pemphigus, which can cause blisters or pus-filled bumps on the skin and mucous membranes and is caused when the immune system mistakenly makes antibodies that attack the body.
The French company said it aims to complete the acquisition between October and December 2020.
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