Pharmaceutical manufacturer Sanofi has offered Dutch biotechnology company Kiadis to buy it for 308 million euros ($358.4 million) to expand its production line of immunotherapy drugs, Reuters news agency report.
The two companies said in a joint statement on Monday that the French drug manufacturer will pay €5.45 in cash per share, 272% higher than Kiadis’ closing price on October 30.
Shares of Kiadis, a cancer treatment company by production of cellular immunotherapy drugs, are up 245% in trading at the beginning of the day, while shares of Sanofi are up 1.18%.
“We believe that Kiadis’ K-NK technology platform will have broad applications against tumors, and will synergize with the Sanofi product line in the Immuno Oncology Division, providing us with opportunities to find the best approaches to follow” said John Reed, Sanofi’s Director of Research and Development. in the treatment of disease
This deal is the latest in a series of proven deals for Sanofi. In August, the company spent $3.7 billion to acquire the US autoimmune company Principia Biopharma, preceded by its $2.5 billion investment to acquire immuno-oncology drug company Synthorx in December of last year.
Sanofi was late in benefeting from the wave of immunotherapy drugs that began in the early 2010s, in which these drugs stimulate the body’s immune system to attack cancer cells. It is now trying to keep pace with the pharmaceutical market and is focusing on preparing a production line for a group of drugs that it hopes will secure a share of the cancer drug market, which imports about $100 billion annually.