Sanofi entered into a definitive agreement to acquire Principia Biopharma Inc. for $3.3 billion.
The Boards of Directors of Sanofi and Principia unanimously approved the transaction. The Board of Directors of Principia recommended the stockholders of Principia to tender their shares. The tender offer is expected to commence later in August 2020. The transaction is expected to complete by the end of the fourth quarter of 2020. As on August 28, 2020, the tender offer has commenced and will expire on September 25, 2020. As of September 22, 2020, waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, for the transaction has been expired. The acquisition to be broadly neutral to business EPS in 2020 and 2021. Ralph Schlosstein, Francois Maisonrouge, Simon Elliott, Chris Whittaker and Karen Linehan of Evercore acted as financial advisor while Michael J. Aiello and Sachin Kohli of Weil, Gotshal & Manges LLP acted as legal advisors to Sanofi. Alan Hartman, Joshua Thornton and David Zeng of Centerview Partners LLC and Greg Butz and Ivan Farman of BofA Securities acted as financial advisors and fairness opinion providers to Principia Biopharma. Jamie Leigh, David Peinsipp, Ben Beerle, Howard Morse, Alessandra Murata, Kate Hillier, Michelle Lara, and Todd Gluth of Cooley LLP acted as legal advisors to Principia Biopharma. Innisfree M&A Inc. acted as the information agent to Sanofi.