On August 25, 2020, Biotechnology Value Fund L.P. announced that it has sent a letter to the Board of Directors of Principia Biopharma Inc. in conjunction with the proposed acquisition of the Company by Sanofi. In the letter, Biotechnology Value Fund expressed its view that the proposed sale of the Company to Sanofi would be a suboptimal and sad outcome. Biotechnology Value Fund stated that with regards to the outcome it would prefer that the Company remain independent throughout its current steep value-creation phase. Biotechnology Value Fund added that its second choice would be for Sanofi, or another biopharma company, to buy control of the Company, but in a manner that preserves downstream economics for the Company shareholders. Biotechnology Value Fund stated that its third choice would be for the Company to be acquired outright, but for a price that more accurately reflects its assessment of the Company’s tremendous value.