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    SAN   FR0000120578

SANOFI

(SAN)
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Real-time Quote. Real-time Euronext Paris - 01/26 04:19:08 am
91.56 EUR   +1.45%
02:22aSANOFI : JP Morgan reiterates its Buy rating
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01:46aBusiness investment into Singapore dropped 31% in 2021
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01:43aBusiness investment into Singapore dropped 31% in 2021
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Odyssey buys drugmaker BenevolentAI in Europe's biggest SPAC deal

12/06/2021 | 12:37pm EST

LONDON (Reuters) -Amsterdam-listed Odyssey has agreed to buy BenevolentAI in a deal valuing the British-based pharmaceuticals firm at up to 1.5 billion euros after the transaction, the biggest acquisition by a European special purpose acquisition vehicle (SPACs) to date.

Odyssey, a 300 million euro ($338 million) SPAC backed by the founders of M&A advisory Zaoui & Co and the former head of Natixis Investment Managers, will raise an additional 135 million euros to pay for the deal and cover transaction fees.

Net transaction proceeds from the deal are up to 390 million euros and the money is being raised from investors including Singapore's Temasek and drugmaker AstraZeneca.

In a statement, the companies said their deal represents the largest European SPAC merger to date and one of Amsterdam's biggest biotech listings.

Several SPACs have listed in Amsterdam, potentially boosting the Dutch financial capital's credentials as a hub for fast-growing companies. London has only hosted one major SPAC in 2021, after updating its rules to make them easier.

Blank cheque vehicles allow companies to obtain a market listing without going through an initial public offering (IPO).

BenevolentAI's Chief Executive Joanna Shields said it had developed an artificial intelligence (AI) platform that allowed it to understand the underlying causes of a disease and increase the probability that a candidate drug will succeed.

With more than 20 programmes in its portfolio, BenevolentAI needed capital to scale its pipeline, she said. It had been considering a crossover fund raise later this year and a listing next year, before the opportunity offered by Odyssey.

"There was a real synergy between the teams," she said. "It's a fast route to a large pool of capital."

Olivier Brandicourt, former Sanofi CEO, and Jean Raby, former CEO of Natixis, will join BenevolentAI's board.

($1 = 0.8855 euros)

(Reporting by Emma-Victoria Farr, Abhinav Ramnarayan and Paul Sandle; Editing by Rachel Armstrong and Alexander Smith)

By Emma-Victoria Farr and Paul Sandle


ę Reuters 2021
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Financials
Sales 2021 37 786 M 42 705 M 42 705 M
Net income 2021 6 139 M 6 938 M 6 938 M
Net Debt 2021 9 925 M 11 217 M 11 217 M
P/E ratio 2021 18,6x
Yield 2021 3,66%
Capitalization 113 B 128 B 128 B
EV / Sales 2021 3,26x
EV / Sales 2022 2,99x
Nbr of Employees 99 412
Free-Float -
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Mean consensus BUY
Number of Analysts 26
Last Close Price 90,25 €
Average target price 107,27 €
Spread / Average Target 18,9%
EPS Revisions
Managers and Directors
Paul Hudson Chief Executive Officer & Director
Jean-Baptiste Chasseloup de Chatillon Chief Financial Officer & Executive Vice President
Serge Weinberg Director
John C. Reed EVP & Global Head-Research & Development
Nestle Frank Global Head-Immunology Therapeutic Research Area
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