Sanofi acquires Ablynx for EUR 45 per share or EUR 3.9B
Sanofi (SNY) and Ablynx (ABLX) entered into a definitive agreement under which Sanofi will offer to acquire all of the outstanding ordinary shares, including shares represented by American Depositary Shares, warrants and convertible bonds of Ablynx at a price per Ablynx share of EUR 45 in cash, which represents an aggregate equity value of approximately EUR 3.9B.
The transaction was unanimously approved by both the boards. Under the terms of the agreement, Sanofi will launch public offers to acquire all of the outstanding ordinary shares, warrants and convertible bonds of Ablynx in cash.
The public offers are expected to be launched by the beginning of Q2.
In accordance with the Belgian requirement of certainty of funds, Sanofi has entered into a bank credit facility, BNP Paribas Fortis acting as the sole credit facility arranger.
Subject to the satisfaction or waiver of customary closing conditions, the transaction is expected to close by the end of Q2. Sanofi added, “The addition of Ablynx is anticipated to drive meaningful long-term value for Sanofi’s shareholders by enhancing its pipeline and research capabilities. Including R&D expenses, the acquisition is expected to be neutral to Business EPS in 2018 and 2019.”
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