Sanofi (NYSE:SNY) announced today that it is planning to tender an offer to acquire all outstanding common stock shares of clinical-stage biotech company Synthorx.
The agreement and plan of merger between the two companies was announced on Dec. 7 and the offer is being made pursuant to that. Sanofi said it stands to acquire the common stock shares at a price of $68 per share in cash, without interest thereon and net of any applicable withholding taxes, according to a news release.
Sanofi expects the offer to expire one minute past 11:59 p.m. ET on Jan. 22, 2020, unless the offer is extended in accordance with the merger agreement. Morgan Stanley is acting as a financial advisor to Sanofi, while Weil, Gotshal & Manges is acting as legal counsel. Synthorx has Centerview Partners acting as its financial advisor and Cooley LLP as its legal counsel.
Soon-to-be acquired Synthorx offers Sanofi a proprietary expanded genetic alphabet platform designed to expand the genetic code, adding a new DNA base pair to create optimized biologics, or proteins for therapeutics known as synthorins.