Sanofi Purchases Protein Sciences for $650 Million
Global healthcare leader and vaccine producer Sanofi has announced plans to acquire Protein Sciences, a privately-held vaccines biotechnology company.
Protein Sciences, based in Meriden, Connecticut, will be purchased for $650 million, with another $100 million to be paid upon the company reaching certain milestones.
The acquisition was unaminously approved by the Protein Sciences board of directors and a majority of its shareholders. Pending customary approvals, the deal is expected to close at the end of the 2017 third quarter.
The to-be-acquired Protein Sciences had received US Food and Drug Administration (FDA) approval for their Flublok Quadrivalent Influenza Vaccine (QIV) — the only recombinant protein-based influenza vaccine on the market — in October 2016.
Sanofi Pasteur is the global company's vaccine division which produces seasonal influenza in 4 different sites: in Swiftwater, Pennsylvania; Val de Reuil, France; Mexico City, Mexico; and Shenzhen, China.
Head of Sanofi Pasteur and Sanofi executive vice president David Loew said the Protein Science acquisition broadens the company's flu portfolio "with the addition of a non-egg based vaccine."
For Protein Sciences, the acquisition fulfills for their pursuit to grow its business, particularly in the US, president and chief executive officer Manon M.J. Cox said.
"As part of Sanofi Pasteur, we expect our Flublok influenza vaccine to benefit from Sanofi Pasteur’s expertise in the field of influenza vaccines," Cox said.
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