Analysis & Comment

Healthcare group Sanofi offers to buy smaller peer Kiadis for 308 million euros

FILE PHOTO: A logo of Sanofi is pictured during the company’s shareholders meeting in Paris, France, April 30, 2019. REUTERS/Benoit Tessier

PARIS (Reuters) – French healthcare group Sanofi SASY.PA said on Monday it has made a takeover offer worth 308 million euros ($358.4 million) for smaller peer Kiadis KDS.AS, in an attempt to strengthen its product portfolio.

The companies announced the deal in a joint statement that will see Sanofi offer 5.45 euros in cash to buy out the Dutch firm, representing a premium of 272% to Kiadis’ closing share price on Oct. 30.

Kiadis is focused on cell-based immunotherapy products for the treatment of life-threatening diseases.

“We believe Kiadis ‘off the shelf’ K-NK cell technology platform will have broad application against liquid and solid tumors, and create synergies with Sanofi’s immuno-oncology pipeline, providing opportunities for us to pursue potential best-in-disease approaches,” said John Reed, global head of research and development at Sanofi.

The French healthcare group has made several large-scale takeovers in recent years, including the $11.6 billion purchase of U.S. hemophilia specialist Bioverativ in 2018, and its $3.7 billion takeover of Principia Biopharma earlier this year.

($1 = 0.8595 euros)

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