Sanofi Acquiring Immunotherapy Biotech Kiadis in $358 Million Deal

Sanofi (NASDAQ: SNY) is shoring up its immunotherapy assets with a new buyout. The European pharmaceutical giant announced Monday that it has agreed to launch a formal offer for clinical-stage biotech Kiadis Pharma (OTC: KIAD.F). Sanofi is offering 5.45 euros ($6.34) per share for an aggregate adjusted equity value of 308 million euros ($358 million). This will be paid entirely in cash.

Sanofi didn't hesitate to mention that its offer is 272% higher than Kiadis' closing price on Friday. Unsurprisingly, the latter's management and supervisory boards have unanimously approved the bid.

Kiadis, based in the Netherlands, concentrates on developing cell-based immunotherapy treatments for potentially fatal diseases, particularly cancer.

Source Fool.com