Paris-based multinational healthcare company Sanofi (SNY) SA announced on Tuesday that it will purchase Amunix Pharmaceuticals Inc for roughly $1 billion in cash.
According to the company, Sanofi will also pay Amunix up to $225 million if specific future development goals are met. Sanofi’s ambitions to accelerate and broaden its contributions to novel medicines for oncology patients are aided by the acquisition, with roughly 20 compounds in development.
The agreement states that Amunix Pharmaceuticals, Inc., an immuno-oncology company, will be acquired in order to discover and develop transformative T-cell engagers (TCE) and cytokine therapies for cancer patients using its proprietary, clinically validated, and innovative universal protease-releasable masking technology platform.
Sanofi’s global head of R&D, John Reed, remarked, “This acquisition underscores our continuous commitment to investing in potential research and discovery platforms.”
Sanofi acquired Austrian firm Origimm Biotechnology earlier this month, bolstering its pipeline with a possible first-in-class vaccine candidate to treat acne. Sanofi shares have risen 6.6 percent since the beginning of the year, trailing the Stoxx Europe 600 Health Care index by 16.3 percent.
Sanofi confirmed its mid-term sales target for its vaccines business of mid-to-high single-digit growth, despite the fact that it has yet to put a COVID-19 vaccine on the market.
Sanofi stated that the Origimm purchase is expected to be finalised this month without providing any financial information. Sanofi said earlier this year that it will purchase Kadmon Holdings and Translate Bio, two U.S. biotechs, for $1.9 billion and $3.2 billion, respectively.
On Tuesday morning, Asia Pacific equities were mainly higher, recovering from the previous session’s losses. However, despite China’s efforts to assist problematic developers in boosting investor confidence, rising cases of the Omicron COVID-19 variation around the world kept overall movements limited.
By 3:21 AM GMT, Japan’s Nikkei 225 had risen 2.07%, while South Korea’s KOSPI had up 0.44 percent.
According to federal estimates, Omicron currently accounts for 73 percent of all sequenced U.S. cases. After President Joe Biden’s social spending and climate bill were dealt a significant setback, U.S. stocks fell more than 1%.
The Hang Seng Index in Hong Kong was up 0.48 percent. The Shanghai Composite Index increased by 0.43 percent, while the Shenzhen Component fell by 0.03 percent.